IOI Properties to seek shareholders' approval on Aug 27 for S$1.2b Singapore acquisition

PETALING JAYA (July 31): IOI Properties Group Bhd has issued a circular to shareholders and notice of extraordinary general meeting (EGM) for its proposed S$1.19678 billion (approximately RM3.77 billion), subject to adjustments, acquisition of MVKimi (BVI) Ltd, the company that indirectly owns Asia Square Tower 2 in Singapore.

In a Bursa Malaysia filing on Friday (July 31) the company said that the proposed acquisition, first announced in April and updated in June, will be tabled for shareholders' approval at the EGM scheduled for Aug 27 at 10am. The meeting will be held physically at Le Méridien Putrajaya and virtually via the Boardroom Smart Investor Portal. Shareholders have until 10am on Aug 25 to lodge their proxy forms.

Under the proposal, IOI Marina View Pte Ltd, a wholly owned subsidiary of IOI Properties, will acquire the entire issued share capital of MVKimi (BVI) Ltd from HSBC Institutional Trust Services (Singapore) Ltd, acting as trustee of CapitaLand Commercial Trust, a wholly owned sub-trust of CapitaLand Integrated Commercial Trust, for a cash consideration of S$1.19678 billion, subject to adjustments.

The circular also contains the independent adviser's opinion, valuation report, accountants' report and legal opinions supporting the proposed transaction, together with other information required for shareholders to consider the resolution at the forthcoming EGM.

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