KUALA LUMPUR (June 22): Sunsuria Bhd’s unit is acquiring 80% equity interest in property developer Mayer Land Sdn Bhd (MLSB) for RM800,000 that will enable it to participate in two Rumah Selangorku projects and a mixed development in Penang that have been awarded to MLSB.
The group’s wholly-owned subsidiary Sunsuria Symphony Sdn Bhd (SSSB) will be acquiring MLSB’s shares through internally-generated funds from Ong Thuan Bok and Kho Weng Kooi — 640,000 shares (64%) from Ong and 160,000 shares (16%) from Kho.
Ong will be left with 16% in MLSB following Sunsuria's entrance, while Kho will have 4%, Sunsuria's bourse filing on Thursday showed.
With the stake purchase, Sunsuria will then take part in a mixed development in Kepala Batas, Penang, which MLSB is undertaking via a joint venture with Koperasi Sahabat Amanah Ikhtiar Malaysia Bhd under a joint venture agreement dated Dec 22, 2021.
It will also take part in the development of two Rumah Selangorku projects in Sepang that MLSB secured in March last year — one in Kota Warisan and another in Bandar Baru Salak.
MLSB has another ongoing project — the Alamanda Residence at Antara Gapi, Serendah — where it is undertaking to build 59 landed units under a joint venture with Gapi Land Sdn Bhd. However, SSSB will not take part in this.
“The collaboration is expected to contribute positively to the future earnings of the group when the projects (save for Project Alamanda) come onstream subsequently,” Sunsuria said.
“The effect of the collaboration on the gearing of Sunsuria group will be dependent on the eventual funding mix for the future development of the projects (save for Project Alamanda).”
On Thursday, Sunsuria's share price closed half a sen or 1.15% higher at 44 sen, bringing it a market capitalisation of RM389.72 million.