KLK holds 95.32% of IJM Plantation shares on conclusion of MGO

KLK holds 95.32% of IJM Plantation shares on conclusion of MGO

KUALA LUMPUR (Feb 21): Kuala Lumpur Kepong Bhd (KLK) now holds a total of 839.35 million shares in IJM Plantations Bhd, representing 95.32% of the latter's issued shares.

This was the tally on Monday (Feb 21), the end of the period for dissenting shareholders to exercise their rights to require the offeror, KLK, to acquire their shares on the same terms as set out in KLK's mandatory general offer (MGO) of RM3.10 per share for IJM Plantations shares it did not own, which closed over three months ago on Nov 18.

This marked the completion of the offer, said RHB Investment Bank Bhd in a bourse filing, which acted as the sole principal adviser to KLK.

"For information purposes, as at 5pm (Malaysian time) on the Section 223 Closing Date, the offeror (KLK) has acquired a total of 3,241,198 shares pursuant to Section 223 of the CMSA (Capital Markets and Services Act) representing 0.37% of the total issued shares of IJM Plantations.

"In addition, there are 63,200 shares transferred to the offeror but pending receipt of the requisite supporting documents which are subject to verification. Following the Section 223 Closing Date, the offeror now holds a total of 839,345,538 shares, representing 95.32% of the total issued shares of IJM Plantations, excluding those subject to verification," said RHB in the filing.

KLK in September last year emerged as the controlling shareholder of IJM Plantations after KLK completed the acquisition of a 56.2% stake in the company from IJM Corp Bhd for RM1.53 billion.

KLK shares closed at RM25.20 on Monday, down RM1.26 or 4.76%, giving the group a market capitalisation of RM27.24 billion.

http://www.theedgemarkets.com/article/klk-holds-9532-ijm-plantation-shares-conclusion-mgo