| General Announcement | | Reference No CU-081127-A61D2 |
| Company Name | : | IOI CORPORATION BERHAD | | Stock Name | : | IOICORP | | Date Announced | : | 27/11/2008 |
| Type | : | Announcement | | Subject | : | IOI CORPORATION BERHAD ("the Company")
- Proposed Acquisition of the entire equity interest in Inverfin Sdn Bhd ("Proposed Acquisition") |
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| | Contents | : | The abbreviations used hereunder shall have the same meaning as those set out in the announcement dated 29 August 2008.
Further to the announcement dated 29 August 2008 on the ProposedAcquisition relating to the purchase of Menara Citibank in Kuala Lumpurat the Purchase Price of RM586,731,176, the Company wishes to announcethe following:-
(a) The Share Sale and Purchase Agreement dated 29 August 2008 for theProposed Acquisition (“SSPA”) has become unconditional on 31 October2008 and the due date for payment of the Balance Purchase Price underthe terms of the SSPA was on 11 November 2008.
(b) However, due to the recent sudden adverse developments in theglobal economic environment which have spread to this region andimpacted negatively on business sentiments, the Company has, after dueand careful deliberations, decided that it would be in the overall bestinterests of the Company and its shareholders not to proceed with theProposed Acquisition.
(c) The Company has received a letter from the Vendors’ solicitorsdated 26 November 2008 giving notice that the Vendors are forthwithterminating the SSPA with effect from the date of their letter andpursuant to such termination, the sum of RM73,362,600 paid earlier bythe Company to the Vendors together with interest accrued thereon areforfeited to the Vendors as liquidated damages.
(d) In respect of the Vendors’ solicitors’ notification on theforfeiture sum as mentioned in paragraph (c) above, the Company isseeking legal advice as to the propriety and quantum of the aforesaidforfeiture.
This announcement is dated 27 November 2008. |
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© 2008, Bursa Malaysia Berhad. All Rights Reserved.
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