BURSA ANNOUNCEMENTS

Date : 20 March 2014

OTHERS SUNWAY BERHAD (“SUNWAY”) • NOVATION AGREEMENT BETWEEN SUNWAY INTEGRATED PROPERTIES SDN BHD, SUNWAY KIARA SDN BHD (FORMERLY KNOWN AS WARISAN KERJASAMA SDN BHD) AND BESTGOLD ASIA SDN BHD

SUNWAY BERHAD

TypeAnnouncement
SubjectOTHERS
DescriptionSUNWAY BERHAD (“SUNWAY”)
• NOVATION AGREEMENT BETWEEN SUNWAY INTEGRATED PROPERTIES SDN BHD, SUNWAY KIARA SDN BHD (FORMERLY KNOWN AS WARISAN KERJASAMA SDN BHD) AND BESTGOLD ASIA SDN BHD

We refer to our following announcements:-

(a) Announcement dated 18 June 2008 in respect of Joint Venture Agreement between Sunway City Sdn Bhd (“SunCity”), a wholly-owned subsidiary of Sunway and Bestgold Asia Sdn Bhd (“Bestgold”) dated 13 June 2008 (“JVA”) for the purpose of appointing SunCity as the turnkey builder for the development and construction of 202 units of condominium and the related infrastructure on all that freehold land held under Geran Mukim Hakmilik No. 1270, Lot No. 1906, Tempat Sungei Teba, Mukim Batu, Daerah Kuala Lumpur, Wilayah Persekutuan; and

(b) Announcements dated 17 January 2011 and 16 August 2011 in respect of internal reorganisation exercise pertaining to the sale by SunCity and the acquisition by Sunway Integrated Properties Sdn Bhd (“SIP”), a wholly-owned subsidiary of SunCity, of all of SunCity’s property development business and undertaking including all assets and liabilities in respect of such property development business (“Internal Reorganisation”).

Upon completion of the Internal Reorganisation, SunCity had, inter alia, novated the JVA to SIP.

The Board of Directors of Sunway wish to announce that SIP has on 19 March 2014, entered into a Novation Agreement with Sunway Kiara Sdn Bhd (formerly known as Warisan Kerjasama Sdn Bhd) (“Sunway Kiara”), a wholly-owned subsidiary of SunCity and Bestgold to novate SIP’s rights and obligations under the JVA to Sunway Kiara.

The information of the parties are as follows:-

(a) SIP

SIP is a company incorporated in Malaysia and having its registered office at Level 16, Menara Sunway, Jalan Lagoon Timur, Bandar Sunway, 47500 Subang Jaya, Selangor Darul Ehsan. The authorised and paid-up share capital of SIP are RM5,000,000/- and  RM2,818,274/- respectively. The principal activity of SIP is property development.

(b) Sunway Kiara

Sunway Kiara is a company incorporated in Malaysia and having its registered office at Level 16, Menara Sunway, Jalan Lagoon Timur, Bandar Sunway, 47500 Subang Jaya, Selangor Darul Ehsan. The authorised and paid-up share capital of Sunway Kiara are RM100,000/- and  RM2/- respectively. The principal activity of Sunway Kiara is property development.

(c) Bestgold

Bestgold is a company incorporated in Malaysia and having its registered office at No. 8-3, Jalan Segambut, 51200 Kuala Lumpur. The authorised and paid-up share capital of Bestgold are RM100,000/- and RM3/- respectively. The principal activity of Bestgold is investment holding.

The Novation Agreement 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 execution of the Novation Agreement 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 Novation Agreement.

The Novation Agreement is available for inspection at the registered office of Sunway at Level 16, Menara Sunway, Jalan Lagoon Timur, Bandar Sunway, 47500 Subang Jaya, Selangor Darul Ehsan during normal business hours (9.00 a.m. to 6.00 p.m.) from Monday to Friday (except public holidays) for a period of 3 months from the date of this announcement. 

This announcement is dated 20 March 2014.



Announcement Info

Company NameSUNWAY BERHAD  
Stock Name SUNWAY    
Date Announced20 Mar 2014  
CategoryGeneral Announcement
Reference NoSS-140320-48090

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