Malaysia's IOI calls noteholder meetings to approve demerger proposals

By Marisa Wong

Madison, Wis., June 28 - IOI Corp. Bhd. said that subsidiaries IOI Investment (L) Bhd. and IOI Ventures (L) Bhd. each issued a notice of meeting to its noteholders. There will be two separate meetings on July 22 for holders of IOI Investment's $600 million 4 3/8% notes due 2022 and holders of IOI Ventures' $500 million 5¼% guaranteed notes due 2015.

The issuers are seeking noteholder approval of proposals, in the form of an extraordinary resolution, relating to a demerger of IOI Properties Group Sdn. Bhd. from IOI Corp. The property development business will be renamed IOI Properties Group Bhd.

The proposals are expected to be completed in the fourth quarter of 2013.

Each meeting requires a quorum of holders representing more than 50% of the principal amount of the outstanding notes.

In order for the extraordinary resolution to pass at each meeting, at least 75% of the votes cast must be in favor of the proposals.

HSBC Ltd. is the trustee for both sets of notes.

IOI is a palm oil and property company based in Putrajaya, Malaysia.

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