KUALA LUMPUR: Stocks to watch for on Thursday include Kuala Lumpur Kepong, IJM Plantations, IJM Corp, Central Global, MQ Tech, Handal Energy, Tiong Nam, Kejuruteraan Asastera and Fitters Diversified, says JF Apex Research in its daily highlights note.
Malaysian palm oil giant Kuala Lumpur Kepong controlled by billionaire brothers Oi Hian & Hau Hian Lee has sought to consolidate its palm oil interest by offering to take over IJM Plantations.
Malaysia s palm oil giant KLK makes takeover offer for IJM Plantations Toggle share menu
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09 Jun 2021 07:00PM Share this content
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KUALA LUMPUR: Malaysian palm oil giant Kuala Lumpur Kepong (KLK) Bhd has made an offer to buy IJM Corporation Bhd s entire stake in IJM Plantations Bhd for 1.53 billion ringgit, IJM Corp said on Wednesday.
IJM Corp said in a bourse filing it has received a letter from KLK, one of the largest palm oil planters in the country, offering to acquire its 56.2per cent equity holding at 3.10 ringgit per share.
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for RM1.534bil cash.
IJM Corp said today that it has agreed in principle to accept the offer. After having deliberated on the merits of the Offer, the Board is in principle agreeable to finalise the terms and conditions with KLK in order 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, IJM Corp said in a filing with Bursa Malaysia today.
The securities of KLK, IJM Corp and IJM Plantations have been suspended from trading since Tuesday afternoon to make way for the announcement. The counters will resume trading on Thursday.