Friday, 12 July 2013

IOI Corp propose to distribute 2.16bn IOI Prop shares on a 1:3 basis

IOI Properties Group Bhd, en route to a listing on the Main Market of Bursa Malaysia later this year, is distributing 2.162bn shares held by its parent IOI Corp Bhd. According to its draft IPO prospectus posted on the Securities Commission website yesterday, it said the distribution-in-specie would be on the basis of one IOI Properties share for every three shares held in IOI Corp, which indicatively amounts to about 66% of the enlarged IOI Properties. Post-distribution, it is also proposing a non-renounceable restricted offer for sale of all of the remaining IOI Properties shares to be held by IOI Corp, amounting up to 1.08bn IOI Properties shares, to the entitled shareholders of IOI Corp on the basis of one IOI Properties shares for every six IOI Corp shares.
  • IOI Properties is proposing to issue up to 3.24bn existing shares under its initial public offering by way of distribution-in-specie and restricted offer for sale to the existing shareholders of IOI Corp. IOI Properties said it would not be raising any funds from the listing exercise as it would not be issuing any new shares. 
  • The demerger and listing of IOI Corp's property arm look set to create the largest developer on Bursa Malaysia in terms of market capitalisation. It was reported that IOI Corp under the demerger exercise will inject its property assets and related subsidiaries at RM12.68bn into IOI Properties, while at the same time, capitalising RM1.8bn of inter-company debt into equity in IOI Properties. (sun)

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