IJM Properties Sdn Bhd (“IJMPRP”) has on 2 November
2007 entered into an Agreement for Sale and Purchase of Shares with Penang
Development Corporation to acquire 6,000,000 ordinary shares of RM1 each and
3,000,000 preference shares of RM1 each, representing 30% of the issued and
paid up capital of Worldwide Ventures Sdn Bhd (“WVSB”) for a total cash
consideration of RM10,800,000 (or at RM1.20 per share). With the acquisition,
WVSB will become an 80% subsidiary of IJMPRP, which in turn is a wholly-owned
subsidiary of the Company. WVSB is involved in property development and
investment holding.
None of the Directors nor the substantial
shareholders of the Company, or persons connected with them, has any interest,
direct or indirect, in the acquisition, and no approval of shareholders is
required. The acquisition will not have any significant effect on the earnings
or net assets per share of the Company for the financial year ending 31 March
2008.
