Kuala Lumpur Kepong Berhad entered into an agreement to acquire 56.2% stake in IJM Plantations Berhad from IJM Corporation Berhad for MYR 1.5 billion.
The transaction is subject to the approvals of the Board of Directors and shareholders of both Kuala Lumpur Kepong Berhad and IJM Corporation Berhad, approvals or consents of the lenders of IJM and Kuala Lumpur Kepong Berhad. The Board of IJM Plantations Berhad recommended its shareholders to vote for the transaction. The offer is not conditional on minimum level of acceptances. The offer shall be terminated on June 11, 2021 if there is no written confirmation, and the share purchase agreement is not signed. As of August 26, 2021, transaction is approved by the shareholders of IJM Corporation Berhad. As of August 27, 2021, transaction is approved by the shareholders of Kuala Lumpur Kepong Berhad. As of August 30, 2021, transaction become unconditional. The transaction is expected to close within four market days from August 30, 2021. The transaction is expected to be completed by September 6, 2021.
AmInvestment Bank Berhad and Mercury Securities Sdn Bhd acted as financial advisors and Tricor Investor & Issuing House Services Sdn Bhd acted as registrar for IJM Corporation. RHB Investment Bank Berhad acted as financial advisor for Kuala Lumpur Kepong Berhad. Kenanga Investment Bank Berhad acted as fairness opinion provider for non-interested Directors and shareholders of IJM Plantations.