KUALA LUMPUR: MTD CAPITAL BHD [] has decided to exit its Indian highway operations and is disposing of the companies involved in the projects to IJM Corp Bhd for RM43.85 million.
MTD said on Tuesday, Oct 5 that it was disposing of CIDB Inventures Sdn Bhd to IJM Corp for RM17.95 million cash.
This involved the sale of 2.91 million shares or 29.14% of the CIDBI shares and 340,450 redeemable preference shares of RM1 each representing 29.15% of the preference share capital of CIDBI.
MTD Capital also said it was disposing of shares in Swarna Tollway Private Ltd (STPL) IJM for US$8.38 million (RM25.9 million).
CIDBI is principally involved in CONSTRUCTION [], development, operation and management of highway projects in India.
On March 27, 2001, CIDBI entered into a concession agreement with the National Highways Authority of India for improvement and upgrading of two (2) highway sections in Andhra Pradesh, India through a 30 years concession on a build, operate and transfer basis.
CIDBI had incorporated STPL as a special purpose vehicle to undertake the concession agreement. CIDBI presently holds 30% direct equity interest in STPL.
For the audited financial year ended 31 December 2009, CIDBI recorded a loss after taxation of RM940,995 whilst net asset as at that date amounted to RM63.87 million.
MTD said on Tuesday, Oct 5 that it was disposing of CIDB Inventures Sdn Bhd to IJM Corp for RM17.95 million cash.
This involved the sale of 2.91 million shares or 29.14% of the CIDBI shares and 340,450 redeemable preference shares of RM1 each representing 29.15% of the preference share capital of CIDBI.
MTD Capital also said it was disposing of shares in Swarna Tollway Private Ltd (STPL) IJM for US$8.38 million (RM25.9 million).
CIDBI is principally involved in CONSTRUCTION [], development, operation and management of highway projects in India.
On March 27, 2001, CIDBI entered into a concession agreement with the National Highways Authority of India for improvement and upgrading of two (2) highway sections in Andhra Pradesh, India through a 30 years concession on a build, operate and transfer basis.
CIDBI had incorporated STPL as a special purpose vehicle to undertake the concession agreement. CIDBI presently holds 30% direct equity interest in STPL.
For the audited financial year ended 31 December 2009, CIDBI recorded a loss after taxation of RM940,995 whilst net asset as at that date amounted to RM63.87 million.
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