Letter of Acceptance for Package 1 - Execution, Construction and Completion of RC Substructure and RC Superstructure Works under Phase 1, Plot 1, Zone E2 Hotel Development, Al Reem Island, Abu Dhabi, United Arab Emirates
 

Further to our announcement on 14 April 2008, IJM-LFE Joint Venture (“Joint Venture”) has on 18 June 2009 received a Letter of Acceptance dated 16 June 2009 from Tamouh Investments LLC, Abu Dhabi, United Arab Emirates (“UAE”), for the Execution, Construction and Completion of the Package 1 – Reinforced Concrete (“RC”) Substructure and RC Superstructure Works (“Package 1 Project”) under Phase 1, Plot 1, Zone E2 Hotel Development, Al Reem Island, Abu Dhabi, UAE (“Phase 1”) for a contract sum of approximately AED318.38 million (approximately RM303 million).  The Package 1 Project is expected to be completed on 28 February 2010. 

The Phase 1 involves the construction and completion of one (1) block of 34-storey 5 star hotel tower on 3-storey podium, one (1) block of 24-storey hotel apartment on 3-storey podium, 2 levels basement car park and other associated foundation works and external works.

The Joint Venture is a 70:30 joint venture between IJM Construction Sdn Bhd (Abu Dhabi Branch) and LFE Engineering Sdn Bhd (Abu Dhabi Branch).  IJM Construction Sdn Bhd and LFE Engineering Sdn Bhd is a wholly-owned subsidiary of the Company and LFE Corporation Berhad respectively.

None of the Directors or major shareholders of the Company, or persons connected with them, has any interest, direct or indirect, in the transaction.