BURSA ANNOUNCEMENTS

Date : 08 December 2014

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS): COMBINATION OF TRANSACTIONS SUNWAY BERHAD ("SUNWAY") - PROPOSED DISPOSAL OF SUNWAY HOTEL GEORGETOWN AND WISMA SUNWAY (“PROPERTIES”) FOR A TOTAL PURCHASE CONSIDERATION OF RM134 MILLION (“PROPOSED DISPOSAL”) AND PROPOSED LEASE BY SUNWAY BIZ HOTEL SDN BHD (FORMERLY KNOWN AS SUNWAY HOTEL (PENANG) SDN BHD) OF THE SUNWAY HOTEL GEORGETOWN PROPERTY (AS HEREIN DEFINED) (“PROPOSED LEASE”) (COLLECTIVELY REFERRED TO AS “PROPOSALS”)

SUNWAY BERHAD

TypeAnnouncement
SubjectTRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
COMBINATION OF TRANSACTIONS
DescriptionSUNWAY BERHAD ("SUNWAY")
- PROPOSED DISPOSAL OF SUNWAY HOTEL GEORGETOWN AND WISMA SUNWAY (“PROPERTIES”) FOR A TOTAL PURCHASE CONSIDERATION OF RM134 MILLION (“PROPOSED DISPOSAL”) AND PROPOSED LEASE BY SUNWAY BIZ HOTEL SDN BHD (FORMERLY KNOWN AS SUNWAY HOTEL (PENANG) SDN BHD) OF THE SUNWAY HOTEL GEORGETOWN PROPERTY (AS HEREIN DEFINED) (“PROPOSED LEASE”) (COLLECTIVELY REFERRED TO AS “PROPOSALS”)

The Board of Directors of Sunway wishes to announce that the following subsidiaries of Sunway, has on 8 December 2014 entered into the following agreements (“SPA”) with RHB Trustees Berhad (“Trustee”), as Trustee for Sunway Real Estate Investment Trust (“Sunway REIT”):-

i) Sunway Biz Hotel Sdn Bhd (formerly known as Sunway Hotel (Penang) Sdn Bhd) (“SBH”), a subsidiary of Sunway had entered into a sale and purchase agreement (“1st SPA”) with the Trustee to dispose 2 parcels of freehold land held under GRN 63519 Lot  2220, Seksyen 12, Bandar Georgetown, Daerah Timor Laut, Pulau Pinang and GRN 35332 Lot 1754, Seksyen 12, Bandar Georgetown, Daerah Timor Laut, Negeri Pulau Pinang together with a 16-storey building comprising 250-room hotel erected thereon known as “Sunway Hotel Georgetown” (“Sunway Hotel Georgetown Property”); and

ii) SunwayMas Sdn Bhd (“SMSB”) and Daksina Harta Sdn Bhd (“DHSB”) (both subsidiaries of Sunway) had entered into a sale and purchase agreement (“2nd SPA”) with the Trustee to dispose of all the individual strata titles for the various floors/storeys of all that office building known as “Wisma Sunway” located at No. 1, Jalan Tengku Ampuan Zabedah C9/C, Seksyen 9, 40100 Shah Alam, Selangor (the particulars of the strata titles for which are set out below) (“Wisma Sunway Property”).

In addition, SBH had simultaneously with the 1st SPA, entered into a master lease agreement (“MLA”) on 8 December 2014 with the Trustee and Sunway REIT Management Sdn Bhd, as the Manager of Sunway REIT (“Manager”) for the leaseback of Sunway Hotel Georgetown Property from the Trustee for a period of 10 years commencing from the Commencement Date (as defined below) with an option to renew for a further term of 10 years.

Please refer to the attachment below for further details of the Proposals.

This announcement is dated 8 December 2014. 



Announcement Info

Company NameSUNWAY BERHAD  
Stock Name SUNWAY    
Date Announced8 Dec 2014  
CategoryGeneral Announcement
Reference NoSS-141208-60989

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