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Further to the announcement of 24
December 2007, the Company and Godrej Agrovet Limited (“GAL”) have
mutually agreed to further extend the duration of the Memorandum of
Understanding for another two (2) months to 22 March 2008 to finalize the
terms, details and arrangement for the joint venture.
To facilitate the proposed joint venture with
GAL, the Company has on 17 January 2008 incorporated IJMP Investments (M)
Limited (“IJMPI”) in the Republic of Mauritius as a wholly-owned subsidiary of
the Company. The present issued and paid-up share capital of IJMPI is USD1
comprising 1 ordinary share of USD1. The principal activity of IJMPI is
investment holding.
In addition, the Company has incorporated
IJM Plantations (Mauritius) Limited (“IJMPM”) on 28 December 2007 in the
Republic of Mauritius. IJMPM will be a wholly-owned subsidiary of IJMPI.
The present issued and paid-up share capital of
IJMPM is USD1 comprising 1 ordinary share of USD1. IJMPM will be used as a
vehicle to invest in the business of purchasing, processing and sale of oil
palm products, and provision of related services in India.
None of the Directors nor substantial
shareholders of the Company, or persons connected with them, has any interest,
direct or indirect, in the abovementioned transactions, and no approval of
shareholders is required. The abovementioned transactions are not expected to
have any significant effect on the earnings or net assets per share of the
Company for the financial year ending 31 March 2008.
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