BURSA ANNOUNCEMENTS

Date : 11 August 2017

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS SUNWAY BERHAD ("SUNWAY") ACQUISITION OF LAND AND BUILDINGS BY DAKSINA HARTA SDN BHD (A SUBSIDIARY OF SUNWAY) FROM CONCEPT HOUSING DEVELOPMENT (M) SDN BHD, A RELATED PARTY

SUNWAY BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS
Description
SUNWAY BERHAD ("SUNWAY")
ACQUISITION OF LAND AND BUILDINGS BY DAKSINA HARTA SDN BHD (A SUBSIDIARY OF SUNWAY) FROM CONCEPT HOUSING DEVELOPMENT (M) SDN BHD, A RELATED PARTY

We refer to our announcement on 1 August 2017 regarding the Sale and Purchase Agreement (SPA) entered into between Concept Housing Development (M) Sdn Bhd (Concept Housing") and Daksina Harta Sdn Bhd ("Daksina"), a subsidiary of Sunway, for the sale and purchase of a freehold land held under Geran No. 47813, Lot No. 1, Mukim Kajang, Daerah Ulu Langat, Negeri Selangor measuring approximately 24,281.1 square metres (before taking into account/deducting the portion of the land that was compulsorily acquired by the relevant authority measuring 2,928 square metres) (the Land) together with a partially completed commercial complex comprising a 3-storey podium (3 units of office space) including 1 unit of Tenaga Nasional Berhad substation, a 20-storey office Block A (17 units of office space), a 12-storey office Block B (9 units of office space) and a 10-storey car park (the Buildings) free from encumbrances and with vacant possession for a total purchase consideration of RM63,000,000/- (excluding Goods and Services Tax) (Proposed Property Acquisition).  The Land and the Buildings are collectively referred to as "the Property".

We received a letter yesterday evening from the solicitors for Steelwell Development Sdn Bhd ("Steelwell") claiming that Steelwell's consent is required for the sale of the Property by Concept Housing as there was a settlement agreement between Concept Housing and Steelwell and that Daksina is not to take any further action under the SPA until settlement between Concept Housing and Steelwell with regards to the Property. 

We are currently seeking legal advice in relation to our rights under the SPA.  

This announcement is dated 11 August 2017.

 






Announcement Info

Company Name SUNWAY BERHAD
Stock Name SUNWAY
Date Announced 11 Aug 2017
Category General Announcement for PLC
Reference Number GA1-11082017-00029


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