KUALA LUMPUR May 14 Malaysia's IOI Corp Bhd
will list its property business by the end of the year
to manage the capital and growth plans of its core businesses,
the company said in a stock exchange filing on Tuesday.
IOI corp will inject its entire property-related operations,
worth 12.7 billion ringgit ($4.24 billion), into the new
company, in exchange for 2.8 billion shares in the new entity.
IOI Corp is the second-largest palm oil producer in Malaysia
and one of the the three largest property developers in the
country, according to its website. The exercise will result in
IOI Corp's property and plantation businesses being listed as
two separate companies.
The announcement comes as companies move forward with their
plans due to easing political uncertainty after Malaysia's
general elections last week.
Among the deals that are expected to be launched in June are
the $300 million listing of long haul carrier AirAsia X Bhd and
the $337 million flotation of energy and water firm Ranhill
Energy and Resources Bhd.
IOI Corp privatised IOI Properties in 2009 in a deal worth
1.3 billion ringgit ($437 million)or 2.60 ringgit per share. The
company plans to list the entire issued and paid-up capital of
IOI Properties, worth 3.3 billion ringgit, on the main market of
the local bourse.
($1 = 2.9965 Malaysian ringgits)
(Reporting By Al-Zaquan Amer Hamzah and Yantoultra Ngui,
Editing by Stuart Grudgings)