Blackfriars Project Management now only a 50% associate of IGB's Verokey

PETALING JAYA: IGB Corp Bhd said its wholly owned unit Verokey Sdn Bhd has executed a waiver of pre-emption rights in relation to the allotment and issue of shares of Blackfriars Project Management Ltd to Circleplane Ltd.

This turns Blackfriars Project Management from a 100% owned subsidiary into a 50% associate of Verokey, it told the stock exchange yesterday.

Blackfriars Project Management was established to oversee the management and construction of the development known as 18 Blackfriars London.

The project is a joint-venture development between Verokey and Tower Ray Ltd through an equity participation of 50:50 basis each in Black Pearl Ltd pursuant to the JV agreement dated June 7, 2013.

Circleplane was incorporated in the UK and is principally engaged in the business relating to the management of real estate. It has been appointed Tower Ray’s nominated company.

IGB Corp closed unchanged at RM2.84 yesterday, with some 103,000 shares traded.