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Thursday, December 30, 2010

MRCB-IJM Land merger called off

PETALING JAYA: Property firms IJM Land and MRCB have aborted their planned merger by way of a members' scheme of arrangement as both companies have not been able to come to an agreement.

Separate announcements by both companies were made to the stock exchange on Friday concerning the matter.

RHB Investment Bank and Newfields Advisors announced on behalf of MRCB that both companies “have not been able to reach an agreement on the definitive terms and conditions of the proposed merger”.

Accordingly, they said the proposed merger was now aborted.

Meanwhile, an IJM Land statement on Bursa Malaysia said after a series of discussions, both were not able to reach an agreement on the definitive terms of the proposed merger.

By The Star

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