The Board of Directors of Sunway wishes to announce that Sunway City Sdn Bhd (“SCSB”) which is a wholly-owned subsidiary of Sunway, has on 16 August 2017, entered into a Subscription and Shareholders’ Agreement (“SSA”) with Huatland Development Sdn Bhd (“Huatland”) and Sunglobal Resources Sdn Bhd (“JVCo”), a wholly-owned subsidiary of SCSB, for the purpose of establishing a joint venture via the JVCo to jointly carry out and undertake a proposed mixed development project on a freehold land held under No. Hakmilik H.S.(M) 73476, Lot 30353 in Mukim Setapak, Daerah Kuala Lumpur, Negeri Wilayah Persekutuan measuring approximately 17,578 square meters (“the Land”) as well as to regulate the relationship between SCSB and Huatland as the shareholders of the JVCo (“Proposed Joint Venture”).

The JVCo has also on even date, entered into a Sale and Purchase Agreement (“SPA”) with Setapak Heights Development Sdn Bhd (“Vendor”) for the acquisition of the Land free from encumbrances and with vacant possession for a total purchase consideration of RM51,070,000/- (excluding Goods and Services Tax) (“Proposed Land Acquisition”).

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

This announcement is dated 16 August 2017.