KUALA LUMPUR, June 10 ― IJM Plantations Bhd (IJMP) has emerged as one of the top gainers in the early trading session after Kuala Lumpur Kepong Bhd (KLK) announced its proposal to acquire 494.87 million shares in IJM Plantations Bhd from IJM Corp Bhd (IJM) for RM1.53 billion.
At 10.15am, IJMP’s shares soared 56 sen to RM3.02, with 11.32 million shares transacted, while KLK also was four sen higher at RM21.80, with 121,600 shares transacted.
In a filing with Bursa Malaysia yesterday, IJM said the board was, in principle, agreeable to finalise the terms and conditions with KLK for the execution of the sale and purchase agreement on or before 5pm on June 11, 2021, after having deliberated on the merits of the offer.
Meanwhile, KLK said the proposed acquisition would be satisfied in cash, according to the terms and conditions of the draft share sale and purchase agreement.
It added that aside from approvals from the board of directors of KLK and IJM, the proposed acquisition was also subject to, among others, the approval of the shareholders at an extraordinary general meeting to be convened by the respective companies. ― Bernama