IJM Construction Sdn Bhd (“IJMC”) has on 21 December 2007 entered into a
Shareholders’ Agreement (“SA”) with CSC Holdings Limited (“CSC”) to form a
30:70 joint venture company (“the JVC”) for the purpose of carrying out the
business of foundation engineering and other related works in Malaysia.
The initial
issued and paid-up share capital of the JVC will be RM10,000,000 divided into
10,000,000 ordinary shares of RM1 each. IJMC will subscribe up to 30% of the
issued and paid-up share capital of the JVC.
The
transaction is subject to the fulfillment of the conditions precedent in the
SA, which includes the approval from the Foreign Investment Committee.
IJMC is a
wholly-owned subsidiary of the Company. CSC is listed on the Singapore Stock
Exchange and its principal activities are foundation and geotechnical
engineering.
None of the Directors nor the
major shareholders of the Company, or persons connected with them, has any
interest, direct or indirect, in the transaction, and no approval of
shareholders is required. The transaction 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.
