IOI CORPORATION BERHAD ("the Company")
Proposed Joint Venture between the Company and Pelita Holdings Sdn Bhd ("Proposed JV")
- Incorporation of a new subsidiary company
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Furtherto the announcement on 8 August 2008 in respect of the Proposed JV, theCompany wishes to announce the incorporation of IOI Pelita Kanowit SdnBhd (“IOI Pelita”), a subsidiary of the Company in Malaysia on 12November 2008.
IOI Pelita has been incorporated with an issued and paid-up sharecapital of RM2.00 comprising of two (2) ordinary shares of RM1.00 each,of which the Company and Pelita Holdings Sdn Bhd each holds one (1)ordinary share each. Pursuant to the terms of the Joint VentureAgreement, the authorised and paid-up share capital of IOI Pelita willbe increased and held in the proportions of 60%, 10% and 30% by theCompany, Pelita Holdings Sdn Bhd and Pelita Holdings Sdn Bhd on behalfof the natives (NCR owners) respectively.
None of the Directors and/or major shareholders and/or person connectedto them, have any direct or indirect interest in the aboveincorporation.