KUALA LUMPUR: MALAYSIAN RESOURCES CORP [] Bhd and IJM Land Bhd will be merged to be a mega property owner and developer with an implied market value of RM7 billion.
The companies said on Tuesday, Nov 23 the new entity will be a mega property owner and developer with an implied market value of RM7 billion and will meet the minimum market size expected by institutional investors.
Shareholders of MRCB, IJM Land will have to exchange their shares with securities in the new company which will be listed on a later date.
The non-binding offer price for IJM Land and MRCB are RM3.65 and RM2.30 with premiums of 22.9% and 8.5% respectively.'' A definitive merger agreement will be signed by Dec 14, 2010.
The companies said on Tuesday, Nov 23 the new entity will be a mega property owner and developer with an implied market value of RM7 billion and will meet the minimum market size expected by institutional investors.
Shareholders of MRCB, IJM Land will have to exchange their shares with securities in the new company which will be listed on a later date.
The non-binding offer price for IJM Land and MRCB are RM3.65 and RM2.30 with premiums of 22.9% and 8.5% respectively.'' A definitive merger agreement will be signed by Dec 14, 2010.
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