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.
He said that upon completion of the exercise, IOI Properties would be listed on Bursa Malaysia in January next year.
“We are now in the final stage and we have received approvals from the Securities Commission and Bursa Malaysia for the listing,” he told reporters after the company’s EGM in Putrajaya yesterday.
Lee said that after the demerger, IOI Corp would receive a revenue of about RM1.9bil.
“IOI Corp would use part of the money to redeem bonds worth US$500mil (RM1.57bil) and the balance would be for working capital,” he said.
Lee said IOI Properties currently contributed about 30%–40% 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).
- The Star Biz
