UEM Sunrise up 1.98% on plan for RM700m GDV project

KUALA LUMPUR (Dec 13): Shares of UEM Sunrise Bhd rose 1.98% this morning after the company said it is buying a 19.24-acre (7.79ha) leasehold land in Taman Equine, Seri Kembangan, Selangor from Kemaris Residences Sdn Bhd for RM109.5 million.

At 9.15am, UEM Sunrise rose 2 sen to RM1.03 with 578,500 shares traded.

UEM Sunrise managing director and chief executive officer Anwar Syahrin Abdul Ajib said it intends to use the land for a boutique development for the upper-middle market segment, with a gross development value (GDV) exceeding RM700 million.

UEM Sunrise's wholly-owned subsidiary Sunrise Alliance Sdn Bhd (SASB) inked a sale and purchase agreement today with Kemaris Residences for the proposed acquisition.

The transaction is conditional upon Kemaris Residences obtaining the Selangor state government's consent to transfer the Equine land to SASB. — theedgemarkets.com

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