The Board of Directors of SunCon is pleased to announce that Sunway Construction Sdn Bhd (“SCSB”) has today accepted the Letter of Award issued by Sunway Education Group Sdn Bhd (“SEG”) to SCSB for the proposed development of Sunway International School on Lot no. PT 896, 897, 17, 18, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31 and part of Simpanan Jalan, Jalan Subang 1 USJ 1, Mukim Damansara, Daerah Petaling, Selangor Darul Ehsan, for a total contract sum of RM120,981,263.00 (“SIS Project”).

The SIS Project shall commence on 15 June 2020 and is expected to be completed on 30 June 2022. The SIS Project is expected to contribute positively to the earnings of SunCon Group from the financial year ending 31 December 2020 onwards.

The SIS Project is subject to normal construction risk of materials price fluctuation. However, with the past experiences and expertise of SCSB in construction projects, this risk could be mitigated.

Save for Tan Sri Dato’ Seri Dr Jeffrey Cheah Fook Ling, who is a major shareholder of SunCon and a Director of SEG, and Dato’ Chew Chew Kin, who is a Director of both SunCon and SEG, none of the Directors or major shareholders or person connected with them has any interest, whether direct or indirect in the SIS Project. Both Tan Sri Dato’ Seri Dr Jeffrey Cheah Fook Ling and Dato’ Chew Chee Kin do not hold any shares, directly or indirect, in SEG.

The total new projects secured by SunCon Group this year including the abovementioned SIS Project amounts to RM688 million.

This announcement is dated 21 May 2020.