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IJM Construction Sdn Bhd ("IJMC") has on 19 August 2004 entered into a
Subscription Agreement ("SA") with Eversendai-Corporation Sdn Bhd ("ECSB")
and Dato’ Nathan a/l Elumalay for IJMC to subscribe 12,000,000 Redeemable
Convertible Cumulative Preference Shares ("RCCPS") of RM0.01 each at a
premium of RM0.99 in ECSB.
IJMC may convert the 12,000,000 RCCPS into 12,000,000 Ordinary Shares of RM1
each at any time for a period of six (6) months commencing after the expiry
of two (2) years from the date of the SA. IJMC will hold 30% equity interest
in ECSB upon the conversion. IJMC is a wholly-owned subsidiary of the
Company, and ECSB is a vehicle belonging to Dato’ Nathan.
ECSB was established in May 2003 and its paid-up capital is RM28,000,000
divided into 28,000,000 Ordinary Shares of RM1 each. The principal activity
of ECSB is investment holding and the ECSB Group, with subsidiaries in
Singapore and United Arab Emirates, is involved in structural design,
engineering, fabrication and erection of high-rise buildings, bridges, roof
structures, industrial plants and power plant construction.
None of the Directors nor substantial shareholders of the Company, nor
persons connected with them, has any interest, direct or indirect, in the
above transaction. |
