by cklee_1 » Thu Jul 27, 2006 6:31 pm
Let's hope that the price is being jack up to fuel the acquisition.
For the benefits of those may not be aware, the first IJM's annoucement on this acquisition was on 30 May 2005 (copy below). It has since then postponed for 6 times, being the latest to 30 Nov 2006. If the acquisition succeeded, half our problem will be gone.
IJM Corporation Berhad (104131-A)
Announcement
May 30, 2005 Updated : 30/05/2005
Proposed Acquisition of 25% Equity Interest in Kumpulan Europlus Berhad
The Company has today entered into a Share Purchase Agreement ("SPA") to acquire 118,373,600 ordinary shares of RM1.00 each in Kumpulan Europlus Berhad ("KEB") representing 25% of the equity interest in KEB from Intelbest Corporation Sdn Bhd (39,127,104 shares), Pengurusan Projek Bersistem Sdn Bhd (33,440,200 shares), Ambang Sepakat Sdn Bhd (33,675,896 shares), Tan Sri Dato' (Dr) Ir Chan Ah Chye (12,130,400 shares) for a total cash consideration of RM33,144,608 or RM0.28 per share ("the Proposed Acquisition").
A call option to acquire further 5% equity interest in KEB at an agreed formula has also been granted to the Company. The call option can be exercised within one (1) year after the completion of the Proposed Acquisition.
The conditions precedent of the SPA include the completion of a due diligence exercise and the approval from the relevant authorities.
None of the Directors nor substantial shareholders of the Company, or persons connected with them, has any interest, direct or indirect, in the Proposed Acquisition. The Proposed Acquisition is not expected to have any significant effect on the earnings or net tangible assets per share of the Company for the financial year ending 31 March 2006.