Acquisition of 100% Equity Interest in IJM Concrete Products Private Limited

General Announcement
Reference No IC-060123-BE5C0

Company Name	:	INDUSTRIAL CONCRETE PRODUCTS BERHAD
Stock Name	:	ICP
Date Announced	:	23/01/2006


Type	:	Announcement
Subject	:	Acquisition of 100% Equity Interest in IJM Concrete Products Private Limited

Contents :

ICPB (Mauritius) Limited ("ICPBM") has on 23 January 2006 entered into a Share Purchase/Sale Agreement to acquire 1,000,000 shares of Rs10 each representing 100% equity interest in IJM Concrete Products Private Limited ("IJMCP") from IJM (India) Infrastructure Limited ("IJMII") for a total cash consideration of Rs1,69,07,636 (about RM1.4 million) or Rs16.91 (about RM1.40) per share ("the Acquisition").

ICPBM is a wholly-owned subsidiary of ICP Investments (L) Limited, which in turn is a wholly-owned subsidiary of the Company. IJMCP is presently a wholly-owned subsidiary of IJMII. The ultimate holding company of IJMCP and IJMII is IJM Corporation Berhad ("IJM"). The Company is presently a 66.3% subsidiary of IJM.

IJMCP is currently involved in the production and sale of ready-mixed concrete and had started its maiden ready mixed plant in Hyderabad, India in December 2004. IJMCP will expand its operation in India by setting up batching plants in other metropolitan cities in India.

The purchase consideration for the Acquisition will be paid through internally generated funds, and was arrived at after taking into consideration the net asset value of IJMCP for the period ended 31 December 2005 of Rs1,69,07,636 (about RM1.4 million).

IJMII's original cost and date of investments in the shares of IJMCP are as follows:-

	Number of Shares	Date of Investment	Original Cost of Investment
i	10,000	7 July 2004	Rs1,00,000 (about RM8,400)
ii	990,000	4 January 2005	Rs99,00,000 (about RM831,000)

The Board of Directors is of the opinion that the Acquisition is in the best interest of the Company after due consideration of all aspects of the Acquisition.

Dato' Goh Chye Keat and Dato' Tan Boon Seng @ Krishnan are Directors and shareholders of the Company and IJM.

Save for IJM, Dato' Goh Chye Keat and Dato' Tan Boon Seng @ Krishnan, who are deemed interested in the Acquisition, none of the other Directors nor substantial shareholders of the Company, or persons connected with them, has any interest, direct or indirect, in the Acquisition, and no approval of shareholders is required. The Acquisition is subject to the approval of the Reserve Bank of India and is expected to be completed by end of February 2006. The Acquisition will not have any significant effect on the earnings or net assets per share of the Company for the financial year ending 31 March 2006.

This announcement is also available for access at http://www.ijm.com.