MARC has placed IJM Corporation Berhad’s (“IJM”) RM300 million Commercial Papers/ Medium-Term Notes Programme (“CP/MTN”) on MARCWatch with a developing outlook following an announcement that it will acquire stakes in Road Builder Holdings Bhd.

In January 2006, the CP/MTN ratings were affirmed at MARC-1ID and A+ID respectively. MARC will closely monitor developments and will review the impact of these developments on IJM’s financial performance and current ratings.  Any rating implications arising therefrom will be advised in due course.