TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS SUNWAY REAL ESTATE INVESTMENT TRUST ("SUNREIT") - SUPPLEMENTAL LETTER OF AWARD TO SUNWAY CONSTRUCTION SDN BHD IN RELATION TO THE EXPANSION OF SUNWAY CARNIVAL SHOPPING MALL
|SUNWAY REAL ESTATE INVESTMENT TRUST|
|Subject||TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS
SUNWAY REAL ESTATE INVESTMENT TRUST ("SUNREIT") - SUPPLEMENTAL LETTER OF AWARD TO SUNWAY CONSTRUCTION SDN BHD IN RELATION TO THE EXPANSION OF SUNWAY CARNIVAL SHOPPING MALL
We refer to our announcement dated 27 February 2018 (Announcement) in relation to the Award. Unless otherwise stated, all definitions and terms used in this announcement shall have the same meaning as defined in the Announcement.
The Board of Directors of Sunway REIT Management Sdn Bhd, the Manager for SUNREIT (the Manager), wishes to inform that RHB Trustees Berhad, the trustee for SUNREIT (the Trustee), had on 25 June 2018 approved the revised capital expenditure for the Project. On 20 July 2018, the Manager has, pursuant to the authority given by the Trustee, issued a supplemental letter of award (Supplemental LOA) to SunCon in respect of the Project whereby both parties have mutually agreed that the provisional contract sum be revised from RM274 million (Ringgit Malaysia: Two Hundred and Seventy Four Million) to RM286 million (Ringgit Malaysia: Two Hundred and Eighty Six Million Only) arising from the additional scope of works to further enhance the design of the external faηade of the building, civil and infrastructure works and other related works and services (Revised Award).
The Audit Committee of the Manager, after having considered all aspects of the Revised Award, is of the opinion that the Revised Award is in the best interests of SUNREIT and is not detrimental to the interests of the non-interested unitholders of SUNREIT. The Audit Committee of the Manager is of the view that the Revised Award is fair, reasonable, on normal commercial terms and carried out on an arms length basis.
The following table provides information on the transactions with Sunway and its subsidiaries for the preceding 12 months:
This announcement is dated 20 July 2018.
|Company Name||SUNWAY REAL ESTATE INVESTMENT TRUST|
|Date Announced||20 Jul 2018|
|Category||General Announcement for PLC|