We refer to the announcement made by the Board of Directors of Sunway (“Board”) on 19 September 2014 in relation to the Proposed Share Subscription in Sunway Developments Pte Ltd (“Announcement”). Unless otherwise stated, the terms used herein shall have the same meaning as defined in the Announcement.
For information purposes, the Board wishes to provide further details of the Proposed Share Subscription which are set out in this announcement.
2. DETAILS OF THE PROPOSED SHARE SUBSCRIPTION
Sunway Holdings Sdn Bhd (“Sunholdings”), a wholly-owned subsidiary of Sunway, has on 3 November 2014 subscribed for 6,690,000 new ordinary shares in Sunway Development 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, at the subscription price of SGD6,690,000.00.
Sunway Developments has thereafter on 6 November 2014 undertaken a selective share buy-back of the existing 2 ordinary shares held by Sunway Concrete Products in Sunway Developments at the sum of SGD2.00. Pursuant thereto, SunHoldings became a sole shareholder of Sunway Developments on 6 November 2014 (“Sunway Developments Share Subscription”).
3. RATIONALE OF THE SUNWAY DEVELOPMENTS SHARE SUBSCRIPTION
The Sunway Development Share Subscription is to facilitate the repayment of advances due from Sunway Developments to Sunway Concrete Products.
4. APPROVALS REQUIRED FOR THE SUNWAY DEVELOPMENTS SHARE SUBSCRIPTION
The Sunway Developments Share Subscription is not subject to the approval of the shareholders of the Company or any other relevant authorities other than the Urban Redevelopment Authority of Singapore whom has stated it has no objection to the Sunway Developments Share Subscription.
This announcement is dated 6 November 2014.