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Tuesday, February 3, 2009

IOI stocks' suspension fuels buyout talk

The stocks of IOI Corp and IOI Properties will be suspended on Tuesday and Wednesday (3-4 Feb 09) pending a material announcement regarding the property arm

SHARES of IOI Corp Bhd and IOI Properties Bhd will be suspended for two days next week, as the plantation group plans to make a material announcement regarding its property arm."The suspension is in view of the pending release of an announcement relating to a material corporate exercise involving the securities of IOI Properties," IOI Corp said.The stocks will be suspended on Tuesday and Wednesday, the two companies said in separate statements to Bursa Malaysia yesterday.The development is likely to fan rumours of IOI Properties being taken private again. IOI Corp holds about 76 per cent of IOI Properties.

Talk of privatisation emerged in January last year and it was promptly denied by IOI Corp. However, it resurfaced in July when Credit Suisse said it could happen if its rights issue was grossly undersubscribed.However, the rights issue by IOI Properties was oversubscribed.
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