Bursa Announcements

Date : 09 February 2018

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS SUNWAY BERHAD ("SUNWAY" OR "COMPANY") (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 
SUNWAY BERHAD ("SUNWAY" OR "COMPANY")

(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")

Unless otherwise defined, the abbreviations and definitions used in the announcement by Sunway dated 3 August 2017 (“Announcement”) shall apply herein. 

We refer to the Announcement in relation to the Proposals.

On behalf of the Board, RHB Investment Bank wishes to announce that the Proposed Disposal has been completed on 9 February 2018 (“Completion Date”) in accordance with the terms of the SPA.

Separately, the Trustee, Manager and Lessee have via a letter dated 9 February 2018, mutually agreed to further extend the conditions precedent fulfilment period under the HLA for a further 6 months commencing from 3 February 2018 to 3 August 2018. The registration of the lease of the Hotel Property shall take place after the conditions precedent have been fulfilled in accordance with the terms of the HLA.

Nonetheless, both the Proposed Lease of Hotel and the Proposed Tenancy of Car Park will commence on 10 February 2018, being the day immediately after the Completion Date, in accordance with the respective terms of the HLA and CTA.

This announcement is dated 9 February 2018.



Announcement Info

Company Name SUNWAY BERHAD
Stock Name SUNWAY
Date Announced 09 Feb 2018
Category General Announcement for PLC
Reference Number GA1-09022018-00072


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