MALAYSIAN RESOURCES CORP [] Bhd (MRCB), IJM Land Bhd’s proposed merger has been called off after both parties failed to agree on the terms of the MoU which expired on Wednesday, Dec 29.MRCB said that after a series of discussions, MRCB and IJM Land have not been able to reach an agreement on the definitive terms and conditions of the proposed merger.
The Employees Provident Fund (EPF) is a common shareholder in all the companies involved in the merger. The EPF owns a 19.4% equity stake in IJM Corp, while it is the single largest shareholder of MRCB with a 41.63% stake. IJM Land is in turn a 62.48%-owned unit of IJM Corp Bhd.
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