IOI Properties to be listed in January 2014
PUTRAJAYA: IOI Corp Bhd has received shareholders' nod for the demerger of its property arm, IOI Properties Bhd, said Group executive chairman, Tan Sri Lee Shin Cheng.
Lee said upon completion of the exercise, IOI Properties would be listed on Kuala Lumpur Stock Exchange in January next year.
"We are now at the final stage and we have received approvals from the Securities Commission and Bursa Malaysia for the listing," he told reporters after the extraordinary general meeting here today.
He said after the de-merger exercise, IOI Corp would receive a revenue of about RM1.9 billion.
"IOI Corp would use part of the money to redeem the bond worth US$500 million and the balance would be for working capital," he said.
Lee said the IOI Properties currently contributed about 30-40 per cent in revenue to IOI Corp.
He said after the listing, there would be two separate companies -- plantation and integrated downstream plantations company (IOI Corp) and property company (IOI Properties).
"After the listing the IOI Corp would focus on plantation business and would enhance its participation in the downstream activities which would give more value added to the company," he said.-- Bernama