RDS Advises On The Independent Advice Circular To The Shareholders of IJMP
We are pleased to be appointed to advise the board of directors of IJM Plantations Berhad (IJMP) & Kenanga Investment Bank Berhad.
The firm has been appointed to advise the Board of Directors of IJM Plantations Berhad (IJMP), a company listed on Bursa Malaysia’s Main Market and Kenanga Investment Bank Berhad, the independent adviser in respect of the independent advice circular to the shareholders of IJMP. Our Corporate Partner, Ong Eu Jin together with associates, Lee Zai Lii (Lily) and Diane Ngu act as the principal solicitors in this matter.
On 30.8.2021, RHB Investment Bank Berhad had, on behalf of Kuala Lumpur Kepong Berhad (KLK) served a notice ofunconditional mandatory take-over offer (Notice) on IJMP. This notice referred to the share sale and purchaseAgreement (SPA) dated 11.6.2021 entered into between IJM Corporation Berhad (IJM) and KLK in relation to the acquisitionof 56.2% equity interest in IJMP by KLK for RM1.534 billion (Acquisition) has become unconditional on the date of the Notice. Pursuant to the Capital Markets and Services Act 2007 and the Rules on Take-Overs, Mergers and Compulsory Acquisition, KLK as the offeror, was obliged to extend a mandatory take-over offer to acquire all the remaining ordinary shares in IJMP not already held by KLK. The Acquisition was completed on 6.9.2021 via direct business transaction under the rules and directives of Bursa Malaysia in accordance with the terms ofthe SPA.
Pursuant to the takeover offer by KLK for the remaining shares in IJMP, the firm was appointed to advise the Board of Directors of IJMP and Kenanga Investment Bank Berhad. The independent advice circular was issued on 30.9.2021. Subsequently, on 3.11.2021, it was announced that KLK has the intention of withdrawing the listing status of IJMP on Bursa Malaysia’s Main Market as KLK has managed to secure more than 90% of shares in IJMP after twice extending the mandatory takeover offer’s closing date.
More Information on this can be found at:
The Star
https://www.thestar.com.my/business/business-news/2021/11/05/ijm-plantations-to-be-delisted
The Edge Markets
https://www.theedgemarkets.com/article/ijm-plantations-be-delisted-klk-has-acquired-9033-its-shares
KLK’s announcement
19 November 2021