The Board of Directors of Sunway wishes to announce that Sunway City Sdn Bhd (“SunCity”), a wholly-owned subsidiary of Sunway has on 10 February 2017, entered into a Subscription and Shareholders’ Agreement (“SSA”) with Low Peng Kiat (“LPK”), CRSC Property Sdn Bhd (“CRSC”) and Austral Meridian Property Sdn Bhd (“AMP”) with intention of establishing a joint venture via AMP to jointly undertake an integrated development project on the parcels of leasehold land owned by AMP held under H.S.(D) 119806, PT 486 and H.S.(D) 119793, PT 487, Seksyen 90 in Bandar Kuala Lumpur, Daerah Kuala Lumpur, State of Wilayah Persekutuan Kuala Lumpur measuring in aggregate approximately 31,630 square metres in area, together with a portion of land measuring approximately 0.63 acres which is to be alienated or transferred by the Government of Malaysia to AMP (collectively, the said lands are referred to as “Project Land”) (“Proposed Joint Venture”). The SSA also regulates the commitments of SunCity, LPK and CRSC with regards to the subscription of shares in AMP as well as their rights and responsibilities as shareholders of AMP.

SunCity has on even date, entered into a Put Option Agreement (“POA”) with LPK and CRSC to outline the put option arrangements between the parties in the shares of AMP.    

Please refer to the attachment below for further details of the Proposed Joint Venture.

This announcement is dated 10 February 2017.