BURSA ANNOUNCEMENTS

Date : 03 August 2017

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS (I) PROPOSED DISPOSAL OF THE SUNWAY CLIO PROPERTY BY SUNWAY FORUM HOTEL SDN. BHD. FOR A CASH CONSIDERATION OF RM340 MILLION; (II) PROPOSED LEASE BY SUNWAY RESORT HOTEL SDN. BHD. OF THE HOTEL PROPERTY FOR AN INITIAL TERM OF 10 YEARS AND (III) PROPOSED TENANCY BY SUNWAY LEISURE SDN. BHD. OF THE MULTI-STOREY CAR PARK IN THE SUNWAY CLIO PROPERTY (COLLECTIVELY REFERRED TO AS PROPOSALS)

SUNWAY BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
(I) PROPOSED DISPOSAL OF THE SUNWAY CLIO PROPERTY BY SUNWAY FORUM HOTEL SDN. BHD. FOR A CASH CONSIDERATION OF RM340 MILLION; (II) PROPOSED LEASE BY SUNWAY RESORT HOTEL SDN. BHD. OF THE HOTEL PROPERTY FOR AN INITIAL TERM OF 10 YEARS AND (III) PROPOSED TENANCY BY SUNWAY LEISURE SDN. BHD. OF THE MULTI-STOREY CAR PARK IN THE SUNWAY CLIO PROPERTY (COLLECTIVELY REFERRED TO AS PROPOSALS)

On behalf of the board of directors of Sunway, RHB Investment Bank Berhad wishes to announce that the following agreements have been entered into on 3 August 2017:

  1. A conditional sale and purchase agreement entered into between Sunway Forum Hotel Sdn. Bhd. (a wholly-owned subsidiary of Sunway) ("Vendor") and RHB Trustees Berhad (as the trustee of Sunway Real Estate Investment Trust (Sunway REIT)) (Trustee), for the proposed disposal by the Vendor to the Trustee of the Sunway Clio Property (as defined in the attachment below), for a cash consideration of RM340 million (SPA);
  2. A conditional hotel lease agreement entered into between Sunway Resort Hotel Sdn. Bhd. (a wholly-owned subsidiary of Sunway) ("Lessee"), the Trustee ("Lessor") and Sunway REIT Management Sdn. Bhd. (as the manager of Sunway REIT), for the lease of the Hotel Property (as defined in the attachment below) for an initial term of 10 years commencing from the day immediately after the completion of the SPA (Completion Date) with an option to renew for a further term of 10 years; and
  3. A conditional car park tenancy agreement entered into between Sunway Leisure Sdn. Bhd. (a wholly-owned subsidiary of Sunway) ("Tenant") and the Trustee ("Landlord"), for the tenancy of the Multi-storey Car Park (as defined in the attachment below) for a period of 3 years commencing from the day immediately after the Completion Date with an option to renew for a further term of 3 years.

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

This announcement is dated 3 August 2017.

 




Please refer attachment below.

Attachments

Sunway - Proposals.pdf
562.7 kB



Announcement Info

Company Name SUNWAY BERHAD
Stock Name SUNWAY
Date Announced 03 Aug 2017
Category General Announcement for PLC
Reference Number GA1-02082017-00124


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