fbpx

IJM Plantations to be delisted

File pic shows a KLK oil palm plantation.

KUALA LUMPUR: Kuala Lumpur Kepong Bhd (KLK) will withdraw the listing status of IJM Plantations Bhd (IJMP) as it has managed to secure more than 90% of shares in IJMP after twice extending the mandatory takeover offer’s closing date.

On its behalf, RHB Investment Bank announced that KLK had received valid acceptances under the offer and had acquired offer shares resulting in it holding 795.39 million shares, representing 90.33% of IJMP’s total issued shares.

The bank said KLK did not intend to maintain IJMP’s listing status on Bursa Malaysia’s Main Market, according to Bernama.

This is in line with its offer document dated Sept 20 which said KLK intended to retain the listing status unless it and its associates ended up holding in aggregate 90% or more of IJMP’s issued shares.

In a filing with the stock exchange, it said Bursa Malaysia would suspend the trading of the shares starting from Nov 26, being the expiry of five market days from the final closing date – Nov 18 – in accordance with paragraph 16.02(3) of the listing requirements.“Thereafter, KLK will procure IJMP to take the requisite steps to withdraw its listing status from the official list in accordance with paragraph 16.07 of the listing requirements,” RHB Investment Bank said.

In addition, KLK would issue a notice to the dissenting shareholders in the manner specified by the Securities Commission, it pointed out.The offer will remain open for acceptances until 5 pm on Nov 18.

To recap, KLK made a cash offer of RM3.10 for the remaining IJMP shares that it did not hold following the acquisition of shares that gave it and persons acting in concert 57.62% equity interest in IJMP.

The first closing date was Oct 11.

It subsequently extended the date for accepting the offer twice, first to Oct 25 and later to Nov 18.

According to its Oct 25 announcement on the time extension, KLK said it held 89.43% of shares as of 5 pm on Oct 21, just shy of the 90% threshold.








Source: The Star

Share:

Leave a Reply

Your email address will not be published. Required fields are marked *

Read more

Related Posts