IJM Bhd : Acquisition of the entire issued and paid-up share capital of Sebana Golf & Marina Resort Berhad

Cypress Potential Sdn Bhd ('CPSB') has on 6 January 2017 entered into a sale and purchase agreement with Sebana Holdings Sdn Bhd ('SHSB') to acquire from SHSB the entire issued and paid-up share capital of Sebana Golf & Marina Resort Berhad ('SGMR') comprising 7,000,000 ordinary shares of RM1 each and 23,741 preference shares of RM1 each at a total cash consideration of RM1 ('Proposed Acquisition').

CPSB is a 70%-owned subsidiary of IJM Properties Sdn Bhd, which in turn is a wholly-owned subsidiary of IJM Land Berhad ('IJML'). IJML is a wholly-owned subsidiary of the Company. CPSB is the developer of Sebana Cove Resort in Pengerang, Johor. The development is a 1,188-acres resort township where residential and commercial components are cohesively planned alongside a resort with a private marina and an 18-hole golf course.

SGMR is the current operator of the resort, marina and golf course ('the Facilities'). The Facilities will provide synergy and enhance the attractiveness of the development of Sebana Cove Resort.

The total consideration of the Proposed Acquisition was arrived at on a willing-buyer-willing-seller basis after taking into consideration the synergy that will be provided by SGMR as the operator of the Facilities.

The Proposed Acquisition is not expected to have any significant effect on the earnings or net assets per share of the Company for the financial year ending 31 March 2017, but is expected to contribute positively to the future earnings of the Group.

None of the Directors nor major shareholders of the Company, or persons connected with them, has any interest, direct or indirect, in the Proposed Acquisition and no approval of shareholders is required.