♦ Raising stakes in two Indian units. IJM has proposed to acquire from
MTD and WCT ordinary and preference shares of CIDB Inventures and
Swarna Tollway for a total of RM93.5m (see Table 2), raising its stakes in
the two Indian units from 34% and 35% to effectively 78.1% and 76.4%.
CIDB Investures is a construction company with a 30% stake in Swarna
Tollway while Swarna Tollway is the concessionaire for two road sections,
i.e. Tada to Nellore (km52.8 to km163.6) on National Highway 5 (NH-5)
and Nandigama to Ibrahimpatnam (km217 to km252) on National Highway
9 (NH-9), in Andhra Pradesh, India. The prices were arrived at based on
DCF which we deem appropriate.
IJM Corporation Berhad : Raising Stakes In Two Indian Units - 06/10/2010
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