KUALA LUMPUR: IJM Corp Bhd has accepted Kuala Lumpur Kepong Bhd's (KLK) offer to acquire its 56.2% stake in IJM Plantations Bhd for RM1.53bil cash, the company told Bursa Malaysia today.
(Corrects and clarifies mention of “loss-making” in paragraph 11)
KUALA LUMPUR (Reuters) -Malaysian palm oil giant Kuala Lumpur Kepong (KLK) Bhd has proposed to acquire IJM Corporation Bhd’s entire stake in IJM Plantations Bhd for 1.53 billion ringgit ($371.72 million) in cash, the companies said on Wednesday.
IJM Corp said it has received a letter from KLK, one of the largest palm oil planters in the country, offering to acquire its 56.2% equity holding at 3.10 ringgit per share.
The construction group said it has agreed in principle to finalise terms of the proposed acquisition with KLK.
“After having deliberated on the merits of the offer, the board is in principle agreeable to finalise the terms and conditions with KLK . for the execution of the sale and purchase agreement,” it said.