Tuesday, September 25, 2012
IJM Corp to take up 25% stake in Scomi Group
KUALA LUMPUR: IJM Corporation Bhd is taking up a 25.08% stake inScomi Group valued at RM149.3mil as it seeks a foothold in the fast expanding oil, gas and energy sector.
IJM said on Tuesday it had entered into subscription agreements with Scomi Group to subscribe for 119.11 million new shares or 10% stake for RM39.30mil, which was 33 sen per share.
It also subscribed for redeemable convertible secured bonds of an aggregate nominal value of RM110mil cash. The tenure of the bonds are three years with a 10% yield.
"The proposed strategic investment in Scomi Group, therefore, serves as an excellent opportunity to enhance shareholder value by providing the company with new business streams at a reasonable entry cost," IJM said.