Monday August 25, 2008 MYT 6:39:21 PM

IOI Corp suspended, buys Menara Citibank

KUALA LUMPUR: Trading in IOI Corporation Bhd shares was voluntarily suspended at 4.22pm on Monday and will resume at 9am on Tuesday after the company announced its acquisition of the Menara Citibank here.

IOI Corp told Bursa Malaysia it had succeeded in its bid to buy the building from Inverfin Sdn Bhd, an associate of Citigroup, and it would enter into a definitive agreement in due course.

However, it declined to state the price for the building though a local media report said the price tag was RM800mil.

“The company shall make the requisite announcement on the detailed terms of the purchase in accordance with the listing requirements as soon as the definitive agreement has been executed,” it said.

The share price fell 15 sen to RM5 before the counter was suspended.

IOICORP :  [Stock Watch]  [News]

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