Bursa Announcements

Date : 23 January 2013

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS): RECURRENT RELATED PARTY TRANSACTIONS SUNWAY BERHAD (“SUNWAY”) - LETTER OF AWARD TOTALLING RM258.4 MILLION FROM SUNWAY REAL ESTATE INVESTMENT TRUST IN RELATION TO THE PROPOSED EXTENSION AND REFURBISHMENT OF SUNWAY PUTRA MALL

SUNWAY BERHAD

TypeAnnouncement
SubjectTRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RECURRENT RELATED PARTY TRANSACTIONS
DescriptionSUNWAY BERHAD (“SUNWAY”)
- LETTER OF AWARD TOTALLING RM258.4 MILLION FROM SUNWAY REAL ESTATE INVESTMENT TRUST IN RELATION TO THE PROPOSED EXTENSION AND REFURBISHMENT OF SUNWAY PUTRA MALL
The Board of Directors of Sunway is pleased to announce that Sunway Construction Sdn Bhd (“SunCon”), a wholly-owned subsidiary of Sunway Holdings Sdn Bhd which in turn is a wholly-owned subsidiary of Sunway, has on 23 January 2013, accepted the letter of award worth RM258.4 million from Sunway Real Estate Investment Trust (“SunREIT”) appointing SunCon as project delivery partner (PDP) for the planning, coordination, construction and completion of the proposed extension and refurbishment of Sunway Putra Mall which includes the following :
a) 3-storey basement car park including 1-storey retail mall;

b) 9-storey retail mall including 4-storey car park; and

c) Addition of 4-storey cineplex at level 6

on Lot No 38, Seksyen 51, Jalan Putra, Wilayah Persekutuan, Kuala Lumpur [hereinafter referred to as the “Proposed Project”].

The Proposed Project is targeted to be fully completed within 22 months from the date of commencement of the works on the Project, which is the date that possession of the site is handed over to SunCon. It is expected to contribute positively to the earnings of Sunway Group from the financial year ending 31 December 2013 onwards.

The Proposed Project is subject to general construction risks. However, this risk could be mitigated with the experience and expertise of SunCon in construction projects in Malaysia.

The Proposed Project is a related party transaction by virtue of Tan Sri Dato’ Seri Dr Cheah Fook Ling and Ms Sarena Cheah Yean Tih being Directors of Sunway and Sunway REIT Management Sdn Bhd (the Manager for SunREIT) as well as being major shareholders and unitholders of Sunway and SunREIT.

Sunway has obtained its shareholders’ mandate for its Recurrent Related Party Transactions ("RRPT") of revenue or trading nature at its 2nd Annual General Meeting held on 28 June 2012 ("RRPT Mandate"). The RRPT Mandate inter alia, covers the provision of construction works by SunCon or its subsidiaries to SunREIT and its subsidiaries.

This announcement is dated 23 January 2013.


Announcement Info

Company NameSUNWAY BERHAD  
Stock Name SUNWAY    
Date Announced23 Jan 2013  
CategoryGeneral Announcement
Reference NoSS-130123-6FD20

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