KUALA LUMPUR (Jan 29): Sunsuria Bhd is raising its stake in Bangsar Hill Park Development Sdn Bhd, the developer of the eight-block high-rise residential property Bangsar Hill Park, by another 33% for RM71.42 million cash.
The related party transaction (RPT) will see Sunsuria raise its stake in the property developer to 84%, from 51% currently.
Sunsuria is buying out two shareholders Suez Capital Sdn Bhd and Dasar Temasek Sdn Bhd with the purchase, leaving Sunsuria KL Sdn Bhd as the only other remaining shareholder with a 16% stake.
Sunsuria KL is controlled by Tan Sri Ter Leong Yap, who is also the executive chairman and a major shareholder of Bursa-listed Sunsuria with 17.73% direct and 42.27% indirect stakes.
Leong Yap is the brother of Datuk Ter Leong Hing, who is a director and the major shareholder of Suez Capital as well as a director and an indirect major shareholder of Dasar Temasek.
Bangsar Hill Park was launched in August 2020, and is expected to be fully completed over the next eight years from the date of the announcement of the RPT (Jan 29), with estimated costs of around RM1.6 billion outstanding.
In total, the entire project has an estimated gross development value of RM2.9 billion, and gross development costs of RM2 billion.
Meanwhile, Sunsuria’s stake raise in Bangsar Hill Park will see it expand its shareholder’s loan to the company by up to RM66 million, as well as additional corporate guarantee of up to RM138.8 million.
The proposal is subject to approval of Sunsuria’s non-interested shareholders at an extraordinary general meeting to be held later.
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Source: EdgeProp.my
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