Infrastructure Limited ("IJMII") has on 31 March 2004 entered into a Joint
Venture Agreement with LCL Furniture Sdn Bhd ("LCLF") to jointly operate the
business of manufacturing quality custom-made furniture, interior design,
advisory, consultancy and fit-out works for buildings, offices and homes in
LCLF and IJMII will
use LCL-IJMII International Interiors Private Limited ("LCL-IJMII"), a
company incorporated in India, as the 50:50 joint venture company to
undertake the business. The initial paid-up capital of LCL-IJMII will be
Rs5,000,000 (approximately RM423,000).
IJMII is a 95%
subsidiary of IJMII (Mauritius) Limited, which is a wholly-owned subsidiary
of IJM Investments (M) Limited, which in turn is a wholly-owned subsidiary
of the Company. IJMII is in the construction business and is developing an
integrated township in Hyderabad, India.
LCLF is a
wholly-owned subsidiary of LCL Corporation Berhad and is in the business of
manufacturing of quality custom-made furniture, interior design and fit-out
works for buildings, offices and homes.
None of the
Directors or substantial shareholders of the Company, or persons connected
with them, has any interest, direct or indirect, in the transaction. The
transaction will not have any significant effect on the earnings or net
tangible assets per share of the Company for the financial year ending 31