PUTRAJAYA, May 14 (Bernama) -- IOI Corporation Bhd (IOIC) proposes to list its property business on the Main Market of Bursa Malaysia Securities.

Under the proposal, the property business will be placed under IOI Properties Group Sdn Bhd (ListCo), while the other business such as the plantation will be under IOIC.

Under the proposal, IOIC proposes to dispose its entire equity interest in IOI Properties Bhd and its subsidiaries, associated companies and jointly controlled entities to ListCo for RM9.769 billion to be satisfied with the issuance of up to 2.189 billion new shares in ListCo.

In a filing with Bursa Malaysia Securities, IOIC announced that it also proposed to dispose other subsidiaries that are involved in property-related business to ListCo for RM2.630 billion to be satisfied with the issuance of up to 589.269 million new ListCo shares.

Lastly, IOI proposed to dispose two parcels of agriculture land in Negeri Sembilan and Johor totalling 711 hectares to ListCo for RM276.2 million to be satisfied with up to 61.891 million new ListCo shares.

The ListCo will also acquire 10 per cent equity interest in Property Village Bhd and 10 per cent equity interest in Property Skyline Sdn Bhd from Summervest Sdn Bhd for RM196.345 million to be satisfied with issuance of up to 43.997 million ListCo shares.

Summervest is a company controlled by IOIC major shareholder, Tan Sri Lee Shin Cheng.

Finally, is the proposed capitalisation of about RM1.8 billion, being the amount owed by IOI Properties and other property companies to IOIC Group by way of issuance of up to 403.345 million ListCo shares to IOIC.

IOIC also proposed to distribute up to 2.162 billion ListCo shares to be held by IOIC to all its entitled shareholders after the proposed internal re-organisation by way of distribution in specie on the basis of one ListCo shares for every three shares held in IOIC.

IOIC also proposed a non-renounceable restricted offer for sale of all the remaining ListCo Shares to be held by IOIC after the proposed distribution amounting to 1.081 billion ListCo shares on the basis of one ListCO shares for every six IOIC held at an offer price to be determined later.

-- BERNAMA