MRCB, IJM Land extend validity of MoU to merge

  • Business
  • Thursday, 16 Dec 2010

KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) and IJM Land Bhd have extended the validity of their memorandum of understanding to merge and create the country's second-largest property company to Dec 29 from Dec 14 previously.

The companies said in separate statements yesterday that both parties were still in the midst of finalising the terms and conditions of the definitive merger agreement for the proposed merger.

Last month, MRCB announced it would team up with IJM Land under a newly incorporated company (Newco). The proposal would involve a share swap of MRCB and IJM Land with new shares in the Newco.

The Newco is expected to take over the listing status of both companies in the second half of next year with an implied market capitalisation of RM7bil and net asset of over RM3bil, which will make it the second-largest property developer on the exchange.

For latest Bursa Malaysia indices, charts and other information click here

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Business News

More new launches next year
Thailand scraps mortgage lending cap to support fragile economy
Full study on overhang situation proposed
Lawyer Sreesanthan to pay SC penalty of RM900,000
Digi Q3 profit at RM313mil
The Week That Was
Improved results for Pantech in Q2
CapitaLand hit by movement restrictions
Vitrox earnings surge on higher revenue
IGB sells stake in UK asset for RM600mil

Others Also Read