Bursa Announcements
OTHERS SUNWAY BERHAD (“SUNWAY”) - PROPOSED SHARE SUBSCRIPTION IN SUNWAY DEVELOPMENTS PTE LTD
SUNWAY BERHAD |
Type | Announcement |
Subject | OTHERS |
Description | SUNWAY BERHAD (“SUNWAY”) - PROPOSED SHARE SUBSCRIPTION IN SUNWAY DEVELOPMENTS PTE LTD |
The Board of
Directors (“Board”) of Sunway wishes
to announce that Sunway Holdings Sdn Bhd (“SunHoldings”),
a wholly-owned subsidiary of Sunway, will undertake a share subscription of new
shares in Sunway Developments Pte Ltd (“Sunway
Developments”), a wholly-owned subsidiary of Sunway Concrete Products (S)
Pte Ltd (“Sunway Concrete Products”),
which in turn is an indirect wholly-owned subsidiary of Sunway Construction Sdn
Bhd and Sunway, whereby SunHoldings will subscribe for new ordinary shares in
Sunway Developments and Sunway Developments will thereafter undertake a
selective share buy-back of the existing ordinary shares held by Sunway
Concrete Products in Sunway Developments, thereby resulting in SunHoldings
being the sole shareholder of Sunway Developments (“Proposed Share Subscription”). The Proposed Share Subscription may
be subject to the consent of the Urban Redevelopment Authority of Singapore.
Amongst
others, the objective of the Proposed Share Subscription is to facilitate
repayment of advances due from Sunway Developments to Sunway Concrete Products.
The Proposed
Share Subscription is not expected to have any effect on the issued and paid-up
share capital of Sunway or Sunway’s substantial shareholders’ shareholdings or
any material effect on the earnings, net assets or gearing of Sunway on a
consolidated basis.
The
Proposed Share Subscription is not conditional upon any other corporate
exercise/scheme of Sunway.
None of
Sunway’s directors, major shareholders and/or persons connected to them has any
interest, whether direct or indirect, in the Proposed Share Subscription.
The Board,
after considering all aspects on the Proposed Share Subscription, is of the
opinion that the Proposed Share Subscription is in the best interest of Sunway.
This
announcement is dated 19 September 2014. |
Announcement Info
Company Name | SUNWAY BERHAD |
Stock Name | SUNWAY |
Date Announced | 19 Sept 2014 |
Category | General Announcement |
Reference No | SS-140919-60679 |