KUALA LUMPUR (May 30): The Cheah family’s private vehicle Sungei Way Corp Sdn Bhd is looking to sell up to a 3.52% stake in Sunway Bhd (KL:SUNWAY) for RM704 million.

Sungei Way is offering up to 200 million shares — base 150 million shares coupled with a 50 million shares upsize option — at RM3.52 apiece, according to people familiar with the matter.

The offer price represents a 2.76% discount to Sunway’s closing price of RM3.62 on Thursday and a 4.8% discount to the counter’s five-day volume weighted average price of RM3.6975.

The Edge learnt that the offer closed at 7pm on Thursday with the share transfer set to take place on Friday. CGS International is the sole placement agent for the deal.

If all 200 million shares are offloaded, Sungei Way’s stake would fall to 45.05% from 48.57%, slashing founder and chairman Tan Sri Dr Jeffrey Cheah Fook Ling’s total stake to 70.94% — comprising 10.88% direct and 60.05% indirect stakes.

The patriarch of the Sunway Group, together with his family, would remain Sunway’s largest shareholder, followed by the Employees Provident Fund Board’s 5.22% stake.

Shares in Sunway ended unchanged at RM3.62 on Thursday, valuing the group at RM20.54 billion.