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| IJM executes agreements with BBSB IJM Corporation Bhd had on 13 June 2002 executed two joint venture agreements with Benua Bitara Sdn Bhd, which resulted in the formation of two joint venture companies, that is, Mowtas Bulkers Sdn Bhd ("MBSB") and Mowtas Multi-User Jetty Sdn Bhd ("MMUJ") for the setting up and operation of bulking and jetty services respectively in the Mowtas Valley, Sandakan. As the intended objectives of MBSB and MMUJ have not been realised, IJM has executed two termination agreements with BBSB to terminate the JVAs. IJM will acquire the remaining 480,000 ordinary shares of RM1 each in MBSB (representing 40% of the equity interest of MBSB) and 55,000 ordinary shares of RM1 each in MMUJ (representing 55% of the equity interest of MMUJ) at a purchase consideration of RM480,000 and RM1 respectively. With the acquisition of the remaining 40% and 55% of the equity interest of MBSB and MMUJ respectively, MBSB and MMUJ will become wholly-owned subsidiaries of IJM. write your comments about the article :: © 2008 Construction News :: home page |