KUALA LUMPUR: IJM Corp Bhd has received an offer from Kuala Lumpur Kepong Bhd (KLK) to buy 494.86 million shares representing a 56.2 per cent stake in IJM Plantations Bhd for RM1.53 billion
In an exchange filing today, IJM said its board of directors had received a letter from KLK to buy the shares at RM3.10 each.
"After having deliberated on the merits of the offer, the board is in principle agreeable to finalise the terms and conditions with KLK to meet the timing specified in the offer letter for the execution of the sale and purchase agreement on or before 5pm on June 11 2021," said IJM.
In a letter offered by KLK, the plantation company confirmed that it had the financial resources to complete the proposed acquisition.
The proposed acquisition is subjected to approval of the shareholders of both IJM and KLK at an extraordinary general meeting, among others.
"Both KLK and IJM will co-operate and promptly take all necessary steps and use all their respective reasonable endeavours to obtain the approvals and consents for which it is responsible to obtain," it added.