Sunway unit to up stake in SSQ

 Publish date: Tue, 10 Oct 2017, 10:01 PM

KUALA LUMPUR: Sunway Bhd's unit, Sunway Lagoon Sdn Bhd (SLSB), has entered a share sale agreement with Kuwait Finance House (M) Sdn Bhd (KFH) to acquire KFH's 50,000 shares in Sunway South Quay Sdn Bhd (SSQ).

In a filing to Bursa Malaysia today, Sunway said, the proposed acquisition, worth RM136.65 million and representing 20 per cent equity interest in SSQ, would increase Sunway Lagoon's stake in SSQ from 60 per cent to 80 per cent.

It said SLSB also intended to repay RM73.35 million in cash on behalf of SSQ, towards the settlement of the Musyarakah Capital invested by KFH in SSQ.

Sunway said as a result, SLSB would have a higher ownership of SSQ, which was expected to contribute positively to the current and future earnings of the group.

"The increase in the stake is an affirmation of Sunway's confidence and commitment to the long-term prospects and success of SSQ," it said.

Sunway said the purchase consideration would be funded via bank borrowings and internally funds. - Bernama

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