BURSA ANNOUCEMENTS

Date : 20 July 2018

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS SUNWAY REAL ESTATE INVESTMENT TRUST ("SUNREIT") - SUPPLEMENTAL LETTER OF AWARD TO SUNWAY CONSTRUCTION SDN BHD IN RELATION TO THE EXPANSION OF SUNWAY CARNIVAL SHOPPING MALL

SUNWAY REAL ESTATE INVESTMENT TRUST

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS
Description
SUNWAY REAL ESTATE INVESTMENT TRUST ("SUNREIT")
-	SUPPLEMENTAL LETTER OF AWARD TO SUNWAY CONSTRUCTION SDN BHD IN RELATION TO THE EXPANSION OF SUNWAY CARNIVAL SHOPPING MALL

We refer to our announcement dated 27 February 2018 (“Announcement”) in relation to the Award.  Unless otherwise stated, all definitions and terms used in this announcement shall have the same meaning as defined in the Announcement.

The Board of Directors of Sunway REIT Management Sdn Bhd, the Manager for SUNREIT (the “Manager”), wishes to inform that RHB Trustees Berhad, the trustee for SUNREIT (the “Trustee”), had on 25 June 2018 approved the revised capital expenditure for the Project.  On 20 July 2018, the Manager has, pursuant to the authority given by the Trustee, issued a supplemental letter of award (“Supplemental LOA”) to SunCon in respect of the Project whereby both parties have mutually agreed that the provisional contract sum be revised from RM274 million (Ringgit Malaysia: Two Hundred and Seventy Four Million) to RM286 million (Ringgit Malaysia: Two Hundred and Eighty Six Million Only) arising from the additional scope of works to further enhance the design of the external faηade of the building, civil and infrastructure works and other related works and services (“Revised Award”).

The Audit Committee of the Manager, after having considered all aspects of the Revised Award, is of the opinion that the Revised Award is in the best interests of SUNREIT and is not detrimental to the interests of the non-interested unitholders of SUNREIT. The Audit Committee of the Manager is of the view that the Revised Award is fair, reasonable, on normal commercial terms and carried out on an arm’s length basis.

The following table provides information on the transactions with Sunway and its subsidiaries for the preceding 12 months:

  12 months ended 31 March 2018
  RM'000
Sales 151,051
Purchases 76,297
Acquisition of investment property 340,000
Construction and related services 274,000

This announcement is dated 20 July 2018.






Announcement Info

Company Name SUNWAY REAL ESTATE INVESTMENT TRUST
Stock Name SUNREIT
Date Announced 20 Jul 2018
Category General Announcement for PLC
Reference Number GA1-20072018-00041


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