KLK

21.640

-0.14 (-0.6%)

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS KUALA LUMPUR KEPONG BERHAD ("KLK" OR THE "COMPANY") (I) PROPOSED ACQUISITION BY KLK OF 494,865,786 ORDINARY SHARES IN IJM PLANTATIONS BERHAD ("IJMP") ("IJMP SHARES"), REPRESENTING 56.20% EQUITY INTEREST IN IJMP FROM IJM CORPORATION BERHAD FOR A TOTAL CASH CONSIDERATION OF RM1,534.08 MILLION ("PROPOSED ACQUISITION"); AND (II) PROPOSED MANDATORY GENERAL OFFER TO ACQUIRE ALL THE REMAINING IJMP SHARES NOT ALREADY HELD BY KLK AND PERSONS ACTING IN CONCERT WITH IT, AFTER THE PROPOSED ACQUISITION

KUALA LUMPUR KEPONG BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
KUALA LUMPUR KEPONG BERHAD ("KLK" OR THE "COMPANY")

(I)	PROPOSED ACQUISITION BY KLK OF 494,865,786 ORDINARY SHARES IN IJM PLANTATIONS BERHAD ("IJMP") ("IJMP SHARES"), REPRESENTING 56.20% EQUITY INTEREST IN IJMP FROM IJM CORPORATION BERHAD FOR A TOTAL CASH CONSIDERATION OF RM1,534.08 MILLION ("PROPOSED ACQUISITION"); AND

(II)	PROPOSED MANDATORY GENERAL OFFER TO ACQUIRE ALL THE REMAINING IJMP SHARES NOT ALREADY HELD BY KLK AND PERSONS ACTING IN CONCERT WITH IT, AFTER THE PROPOSED ACQUISITION

We refer to the announcement made by the Company on 9 June 2021 in relation to the offer made by KLK vide a letter to IJM Corporation Berhad (“IJMC”) dated 9 June 2021 to acquire 494,865,786 IJMP Shares held by IJMC (“Sale Shares”), representing 56.20% equity interest in IJMP for a total cash consideration of approximately RM1,534.08 million.

 

On behalf of the Board of Directors of KLK, RHB Investment Bank Berhad wishes to announce that KLK had on 11 June 2021 entered into a conditional share sale and purchase agreement (“SPA”) with IJMC for the proposed acquisition by KLK of the Sale Shares for RM1,534,083,936.60 or RM3.10 per Sale Share (“Purchase Consideration”).

 

Upon completion of the Proposed Acquisition, KLK’s shareholding in IJMP will increase from nil to 56.20%. Accordingly, on the SPA becoming unconditional, in accordance with Section 218(2) of the Capital Markets and Services Act 2007 and Paragraph 4.01(a) of the Rules on Take-overs, Mergers and Compulsory Acquisitions issued by the Securities Commission Malaysia (“Rules”), KLK will be obliged to extend a mandatory general offer (“MGO”) to acquire all the remaining IJMP Shares not already held by KLK and persons acting in concert with it (“Proposed MGO”) for a cash offer price of RM3.10 per IJMP Share subject to adjustments as set out in Section 2.2 of the Announcement attached below. As such, on the SPA becoming unconditional, KLK will serve a notice of the Proposed MGO on the Board of Directors of IJMP in accordance with Paragraph 9.10(1) of the Rules.

 

Further details of the Proposed Acquisition and Proposed MGO are set out in the attachment below.

 

 

 

This Announcement is dated 11 June 2021.




Please refer attachment below.



Announcement Info

Company Name KUALA LUMPUR KEPONG BERHAD
Stock Name KLK
Date Announced 11 Jun 2021
Category General Announcement for PLC
Reference Number GA1-11062021-00081