Lee tells why he is injecting his private land into IOI Properties

Meeting the media: Tan Sri Lee Shin Cheng with his sons Yeow Seng (left), who is IOI Properties CEO, and Datuk Lee Yeow Chor, a director, at a media conference after the group AGM in Putrajaya.

PUTRAJAYA: IOI Properties Group Bhd chairman Tan Sri Lee Shin Cheng justified the proposed injection of his private land into IOI Properties with a slew of reasons leading with him taking shares in the company which he described as an indication of the long-term value.

“I will only do this (getting most of the payment in shares) for a company I am controlling. The subject land to be injected, especially due to its location, has very good prospects and will enhance IOI Properties. My actions (of taking shares) clearly show that I am very confident in the future of my company. I will not sell the land to anyone else,” Lee told reporters after the IOI Properties’ AGM.