IOI Properties to raise RM932m

PROPERTY developer IOI Properties Bhd plans to raise up to RM932 million from a rights issue to part-fund its projects in Singapore.It will also use part of the money to refinance existing debt, it said in a statement to Bursa Malaysia yesterday. IOI Properties has total debt of RM225 million.In January, the company, a unit of IOI Corp Bhd, won a bid with its partner to buy land on the resort island of Sentosa, Singapore, for S$1.097 billion (RM2.5 billion).This followed its first successful bid in March last year. Then, it won a tender to buy land on the island for RM1.1 billion."IOI Corp, being the controlling shareholder of IOI Properties, will give its irrevocable and unconditional written undertakings to subscribe in full for its entitlement," IOI Properties said.

(New Straits Times 27-2-2008)

IOI Properties set to unveil project in IDR

JOHOR BARU: IOI Properties Bhd will launch a mixed property development along the North-South Expressway (NSE) in Kempas. General manager (property division) Simon Heng said Taman Kempas Utama would be launched by the second quarter of the year. We plan to offer high-end doublestorey link houses with gated and guarded and smarthome concepts« SIMON HENGHe said the project, on a 101.171ha, would have 2,000 residential and commercial units. Of the land, 20.2ha will be allocated for light industrial buildings. “It is timely for us to have a project in the Johor Baru district after our success in the ongoing Bandar Putra Kulai project,’’ Heng told StarBiz in a telephone interview. Read More

(The Star 12-2-2008)

No plans to take property unit private: IOI Corp

SHARES of IOI Properties Bhd rose as much as 8.3 per cent or RM1.10 yesterday, fuelled by a privatisation rumour which was promptly denied by the company.There was speculation that IOI Corp Bhd, which holds about 70 per cent of IOI Properties, could take its subsidiary private, offering RM15 a share. At that price, it would cost IOI Corp about RM1.5 billion to buy the remaining shares it does not own. Recently, IOI Prop and Ho Bee Investment Ltd won a bid to buy land on the resort island of Sentosa, Singapore, for S$1.097 billion (RM2.5 billion).

(16-1-2008 New Straits Times)