BURSA ANNOUNCEMENTS

Date : 12 November 2014

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

SUNWAY BERHAD

TypeAnnouncement
SubjectOTHERS
DescriptionSUNWAY BERHAD (“SUNWAY”)
• SALE AND PURCHASE AGREEMENT FOR THE PROPOSED DISPOSAL OF EQUITY INTEREST BY SUNWAY GLOBAL LIMITED, A SUBSIDIARY OF SUNWAY IN SUNWAY BUILDING MATERIALS (SHANGHAI) 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 12 November 2014, entered into a Sale and Purchase Agreement with Hong Kong Cheung Hung Metal & Plastic Products Co. Ltd. (“the Purchaser”) for the disposal of its 100% equity interest in Sunway Building Materials (Shanghai) Co Ltd (“Sunway Shanghai”) to the Purchaser for a total cash consideration of RMB5.5 million (equivalent to approximately RM2,945,800/-) (based on the status of assets and finance of Sunway Shanghai reflected in the audited balance sheet as at 31 July 2014) [“Proposed Disposal”]. Upon completion of the Proposed Disposal, Sunway Shanghai will cease to be a subsidiary of Sunway.

Sunway Shanghai was established under the laws of the People’s Republic of China on 1 August 2005 and has a total investment and registered capital of USD2.35 million (equivalent to approximately RM7,853,665/-). The principal activities of Sunway Shanghai are manufacturing, sale and marketing of interlocking pavers in China. 

We have allowed the Purchaser to use the name "Sunway" in the name of Sunway Shanghai within one year of signing of the Sale and Purchase Agreement and the Purchaser is to change the name within 5 working days upon the expiration of the said one year period.

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 12 November 2014.

 

 

 



Announcement Info

Company NameSUNWAY BERHAD  
Stock Name SUNWAY    
Date Announced12 Nov 2014  
CategoryGeneral Announcement
Reference NoSS-141112-EAE2C

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