KUALA LUMPUR (May 19): Sunsuria Bhd plans to buy real estate development assets worth some RM10 billion from companies linked to its executive chairman and substantial shareholder Datuk Ter Leong Yap.
In a statement to the exchange today, Sunsuria said it had signed a heads of agreement (HOA) with companies related to Ter, specifically with Sunsuria Development Sdn Bhd (SDSB), Rentak Nusantara Sdn Bhd (RNSB) and Strata Johan Sdn Bhd (SJSB).
According to Sunsuria, the HOA enabled the firm to explore and negotiate with SDSB, RNSB and SJSB for the acquisition of controlling stakes in several property-development firms.
Sunsuria said it planned to acquire the entire stakes in Sunsuria Gateway Sdn Bhd and Sunsuria South Sdn Bhd from SDSB.
Sunsuria also intends to buy 81% in Oscar Cheers Sdn Bhd. Of the 81%, Sunsuria said it planned to buy 51% and 30% stakes from SDSB and SJSB respectively.
Sunsuria Gateway and Sunsuria South have mixed projects in Selangor and Johor. These projects have gross development values (GDV) of about RM4.5 billion each.
Meanwhile, Oscar Cheers’s mixed development in Selangor has an estimated GDV of RM1.1 billion.
According to Sunsuria, it also plans to acquire from Ter, an on-going residential project comprising 49 units of bungalows and infrastructure in Selangor.
The project known as “Suria Hills 2B” has an estimated GDV of RM81 million.
Sunsuria said it planned to finance these acquisitions with proceeds from the company’s rights issue and private placement, besides its internally-generated funds, and borrowings.
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