IOI sells indirect unit Paduwan

IOI Corp Bhd has disposed of an indirect subsidiary, Paduwan Development Sdn Bhd, for RM53.5 million.

Paduwan’s principal asset is a plot of agricultural land planted with oil palm measuring 535.45 acres (217 hectares) in Krubong, Melaka.

In an announcement to Bursa Malaysia yesterday, IOI Corp said its 99.7% subsidiary IOI Properties Bhd has sold the entire issued and paid-up share capital of Paduwan comprising 100,000 shares of RM1 each.

The shares were sold to Starwatt Engineering Sdn Bhd for a total of RM53.5 million, inclusive of settlement of IOI Properties’ loan.

The disposal will not have a material effect on earnings or net assets of the company for the financial year ended June 30, 2010, said IOI Corp.


This article appeared in The Edge Financial Daily, July 6, 2010.