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Friday, July 2, 2010

KYM to buy Kinta land for RM12mil

PETALING JAYA: KYM Holdings Bhd had proposed to acquire 41.36 acres of leasehold land in Kinta, Perak, from Idaman Bina Makmur Sdn Bhd for RM12mil.

It told Bursa Malaysia yesterday the acquisition would be satisfied by RM100,000 cash and the balance via the issuance of 8.7 million 50 sen new ordinary shares in KYM at RM1.36 each.

The company had proposed an exemption under Practice Note of 2.9.1 of the Malaysian Code On Take-Over and Mergers, 1998 by Datuk Lim Kheng Yew and parties acting in concert with him from an obligation to do a mandatory takeover offer for the remaining KYM shares not already owned by them upon the issuance of the new shares.

In a separate announcement, KYM said it had mutually agreed to extend the cut-off date for a sale and purchase agreement (SPA) involving 13 parcels of leasehold properties with Harta Makmur Sdn Bhd and Vale Malaysia Manufacturing Sdn Bhd to July 31.

It said the properties involved had unexpired lease period of 80 years and measured about 756 acres.

It added that on March 31, KYM, Harta Makmur (a 54%-owned subsidiary of KYM) and Vale had signed a conditional SPA pursuant to the exercise of their option to purchase the properties for RM93.76mil cash.

Reports before this said KYM might venture into the processing of iron ore, banking on its relationship with one of the world’s largest diversified metals and mining companies, Brazil’s Vale SA.

KYM recently sold 488ha of land in Manjung, Perak, to Vale for RM196mil cash. The company now derives almost all its revenue from carton and paper bag-manufacturing business.

By The Star

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