Company Name
:
IOI CORPORATION BERHAD
Stock Name
:
IOICORP  
Date Announced
:
16/01/2013


Type
:
Announcement
Subject
:
OTHERS

Description
:
IOI Corporation Berhad ("IOI Corp" or the "Company")
Acquisition of Subsidiary

Announcement Details/Table Section :


The Board of Directors of IOI Corp is pleased to announce that IOI Properties Berhad, a 99.8%-owned subsidiary of the Company, had on 16 January 2013 acquired 1 ordinary share of RM1.00, representing 50% of the total issued and paid-up share capital in IOI Medini Sdn Bhd ("IOI Medini") from Mr Lee Yeow Seng ("Mr Lee") for a total cash consideration of Ringgit Malaysia One (RM1.00) only (the "Acquisition"). Following the Acquisition, IOI Medini will become an indirect 99.8%-owned subsidiary of IOI Corp.

IOI Medini was incorporated on 15 January 2013 as a private limited company under the Companies Act, 1965 and is currently dormant.

Vertical Capacity Sdn Bhd ("VCSB") is a Major Shareholder of IOI Corp. Progressive Holdings Sdn Bhd ("PHSB"), which holds 100% equity interest in VCSB, is a company connected to Tan Sri Dato' Lee Shin Cheng ("Tan Sri Lee").

Tan Sri Lee, Dato' Lee Yeow Chor ("Dato' Lee") and Mr Lee are the Directors and deemed Major Shareholders of IOI Corp. Dato' Lee and Mr Lee are the sons of Tan Sri Lee, while Mr Lee Cheng Leang is a Director of IOI Corp and a brother of Tan Sri Lee. Puan Sri Datin Hoong May Kuan, who is the spouse of Tan Sri Lee, and PHSB are the deemed Major Shareholders of IOI Corp.

Save as disclosed, none of the other Directors and/or Major Shareholders of IOI Corp and/or persons connected to them has any interest, direct or indirect in the Acquisition.

This announcement is dated 16 January 2013.

© 2013, Bursa Malaysia Berhad. All Rights Reserved.


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