Sunway Bhd; Hold; RM3.09
Price Target: RM3.40; SWB MK
Sunway has entered into a Share Sale Agreement with Millennium Pavilion Sdn Bhd (“MPSB”) to dispose of 20% of the issued and paid-up share capital of Sunway REIT Management Sdn Bhd (SRM) for a total consideration of RM28m. Upon completion of the Proposed Disposal, Sunway will realise an immediate gain of RM26 million and the shareholding of Sunway and MPSB in SRM will be in the proportion of 80:20.
The shareholders of MPSB comprises Dato’ Lim Say Chong, Mr Oh Kim Sun and Mr Ng Sing Hwa who have extensive experience in the property, banking and manufacturing industries, as well as a wide network of contacts. MPSB would be able to add value to SRM by providing additional leads for property acquisition as well as strategic insights at SRM’s board level as MPSB will be granted a seat on the board of SRM. Maintain Hold with a TP of RM3.40 (based on 10% discount to our SOP valuation).
Source: HwangDBS Research - 16 Aug 2013
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SUNWAYCreated by kltrader | Jan 03, 2023
Created by kltrader | Sep 30, 2022