Iskandar Waterfront Holdings Sdn Bhd (IWH) has entered into a merger agreement with Iskandar Waterfront City Bhd (IWC), following the acceptance by the board of IWC to table the merger scheme to IWC''s shareholders.
The merger scheme forms part of a proposed rationalisation and restructuring exercise undertaken by IWH to consolidate the land bank of IWH Group, with the aim of creating greater synergies and economies of scale (Proposed R&R Exercise), IWH said in a statement on Friday.
Through the merger scheme, IWH will acquire the remaining 61.7 per cent stake in IWC at an offer price of RM1.50 per IWC share, to be satisfied via issuance of IWH''s shares on the basis of one new IWH share for one existing IWC share (Swap Ratio).
Thereafter, IWH will assume the listing status of IWC.
Subsequent to this, as part of the Proposed R&R Exercise, IWH will see the injection of 1,456 hectares of land bank with an open market value (OMV) of RM4.3 billion into IWH through definitive agreements with the respective vendors, namely Tan Sri Lim Kang Hoo (Director & Executive Vice Chairman of IWH), Kumpulan Prasarana Rakyat Johor Sdn Bhd (the investment arm of the Johor State Government) and other Johor state entities within 60 days from the date of the merger agreement.
Following the completion of the corporate exercise, IWH will have a total land bank of approximately 2,740 hectares in Johor Bahru with an open market value of approximately RM30 billion, as assessed by the appointed independent valuers.
IWH said it was confident of the prospects of the proposed merger scheme and restructuring to establish one of the largest listed strategic master property developers on Bursa Malaysia.
This merger scheme would also provide an opportunity for IWC''s shareholders to participate in a significantly enlarged listed entity with developments in strategic locations.
Separately, IWC on Friday entered into a Supplementary Agreement with Greenland Tebrau Sdn Bhd in relation to a proposed land disposal, whereby both parties had mutually agreed to all the payment terms and conditions in meeting their respective obligations. - BERNAMA
Bernama
Fri May 05 2017
The merger scheme forms part of a proposed rationalisation and restructuring exercise undertaken by IWH to consolidate the land bank of IWH Group.
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