- IJMLAND & MRCB signed MoU for merger in a RM7.5bill ($2.42bill) deal. No necessity, better off on its own.
- Rumor of govt involvement. Expect MRCB’s participation in the 3,400-acre RRIM land to give it pricing power of RM300psf (Sg Buloh town development).
- However, both companies have no township development track record.
- 30/Dec/10 - announcement: aborted merger.
- IJMLAND should weather the failed merger quite well. They have a RM5.5bill Light Waterfront project spread over 210 acres. Also in a 50:50 JV with KEURO to develop the 2,500-acre Canal City project near Kota Kemuning worth an estimated RM6.3bill.
Friday, January 7, 2011
IJMLAND & MRCB signed MoU for merger
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