Bursa Announcements

Date : 28 November 2013

OTHERS SUNWAY BERHAD (“SUNWAY”) - EQUITY SALE AND PURCHASE AGREEMENT FOR THE PROPOSED DISPOSAL OF EQUITY INTEREST BY SUNWAY HOLDINGS (VIETNAM) SDN BHD, A SUBSIDIARY OF SUNWAY IN SUNGEI WAY OCEAN JOINT VENTURE COMPANY LIMITED

SUNWAY BERHAD

TypeAnnouncement
SubjectOTHERS
DescriptionSUNWAY BERHAD (“SUNWAY”)
- EQUITY SALE AND PURCHASE AGREEMENT FOR THE PROPOSED DISPOSAL OF EQUITY INTEREST BY SUNWAY HOLDINGS (VIETNAM) SDN BHD, A SUBSIDIARY OF SUNWAY IN SUNGEI WAY OCEAN JOINT VENTURE COMPANY LIMITED
We wish to announce that pursuant to Paragraph 9.19(24) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, Sunway Holdings (Vietnam) Sdn Bhd, a wholly-owned subsidiary of Sunway Holdings Sdn Bhd which in turn is a wholly-owned subsidiary of Sunway, had on 28 November 2013, entered into an Equity Sale and Purchase Agreement with Huong Phong Tourism-Manufacturing-Trading Company Limited (“the Purchaser”) for the disposal of its 70% equity interest in Sungei Way Ocean Joint Venture Company Limited (“Sungei Way Ocean”) to the Purchaser for a total cash consideration of USD1,000,000/- (equivalent to approximately RM3,160,000/-) (based on the audited account of Sungei Way Ocean for the period ended 31 December 2012) [hereinafter referred to as "the Proposed Disposal"]. Upon the completion of the Proposed Disposal, Sungei Way Ocean will cease to be a subsidiary of Sunway.

Sungei Way Ocean was incorporated in Vietnam on 15 January 1997 with a charter capital of USD2,733,000/-. The principal activities of Sungei Way Ocean are quarrying and production of building stones.

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 dated 28 November 2013


Announcement Info

Company NameSUNWAY BERHAD  
Stock Name SUNWAY    
Date Announced28 Nov 2013  
CategoryGeneral Announcement
Reference NoSS-131128-4F192

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