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Thursday, December 16, 2010

MRCB, IJM Land extend validity of MoU to merge

KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) and IJM Land Bhd have extended the validity of their memorandum of understanding to merge and create the country's second-largest property company to Dec 29 from Dec 14 previously.

The companies said in separate statements yesterday that both parties were still in the midst of finalising the terms and conditions of the definitive merger agreement for the proposed merger.

Last month, MRCB announced it would team up with IJM Land under a newly incorporated company (Newco). The proposal would involve a share swap of MRCB and IJM Land with new shares in the Newco.

The Newco is expected to take over the listing status of both companies in the second half of next year with an implied market capitalisation of RM7bil and net asset of over RM3bil, which will make it the second-largest property developer on the exchange.

By The Star

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