OTHERS SUNWAY BERHAD (“SUNWAY”) - PROPOSED SHARE SUBSCRIPTION IN SUNWAY DEVELOPMENTS PTE LTD
|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.
|Company Name||SUNWAY BERHAD|
|Date Announced||19 Sept 2014|