Bursa Announcements

Date : 11 October 2013

OTHERS SUNWAY BERHAD (“SUNWAY”) - EQUITY SALE AND PURCHASE AGREEMENT FOR THE PROPOSED DISPOSAL OF EQUITY INTEREST BY SUNWAY GLOBAL LIMITED, A SUBSIDIARY OF SUNWAY IN SUNWAY BUILDING MATERIALS (DONGGUAN) CO LTD

SUNWAY BERHAD

TypeAnnouncement
SubjectOTHERS
DescriptionSUNWAY BERHAD (“SUNWAY”)
- EQUITY SALE AND PURCHASE AGREEMENT FOR THE PROPOSED DISPOSAL OF EQUITY INTEREST BY SUNWAY GLOBAL LIMITED, A SUBSIDIARY OF SUNWAY IN SUNWAY BUILDING MATERIALS (DONGGUAN) CO LTD
We wish to announce that pursuant to Paragraph 9.19(24) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, Sunway Global Limited, a 98.75% owned subsidiary of Sunway Holdings Sdn Bhd which in turn is a subsidiary of Sunway, had on 8 October 2013, entered into an Equity Sale and Purchase Agreement with Hong Kong Cheung Hung Metal & Plastic Products Company Limited (“the Purchaser”) for the disposal of its 100% equity interest in Sunway Building Materials (Dongguan) Co Ltd (“Sunway Dongguan”) to the Purchaser for a total cash consideration of RMB7.5 million (equivalent to approximately RM3,975,000/-) [hereinafter referred to as "the Proposed Disposal"]. The approval for the Proposed Disposal by the relevant authorities in China was notified on 11 October 2013.
Upon completion of the Proposed Disposal, Sunway Dongguan will cease to be a subsidiary of Sunway.

Sunway Dongguan was incorporated in China on 29 July 2005 and has a total investment and registered capital of USD8.55 million and USD6.65 million respectively. The principal activities of Sunway Dongguan are manufacturing, sale and marketing of interlocking pavers in China.

The Proposed Disposal is not expected to have any material effect on the earnings per share and net assets per share of Sunway, and it has no effect on Sunway’s share capital and substantial shareholders’ shareholding.

The Proposed Disposal does not require approval from the shareholders of Sunway.

None of the directors or substantial shareholders of Sunway or persons connected with them has any interest, whether direct or indirect, in the Proposed Disposal.

This announcement is 11 October 2013.


Announcement Info

Company NameSUNWAY BERHAD  
Stock Name SUNWAY    
Date Announced11 Oct 2013  
CategoryGeneral Announcement
Reference NoSS-131011-2F0D9

Back