Sunsuria applies to extend completion of private placement to April 2020

KUALA LUMPUR (Sept 30): Sunsuria Bhd is seeking an extension from Bursa Malaysia to complete its private placement.

In a bourse filing, the property developer said it had appealed to Bursa last Friday to delay the completion of the 102.23 million share placement to April 15, 2020.

"An announcement will be made upon receipt of Bursa Securities' decision on the application when obtained in due course," the group said.

On April 10, 2019, Sunsuria announced the placement exercise, which constitutes 10% of the group's shareholdings and would have netted up to RM61.34 million for the group.

The group said the proceeds from the placement would have been utilised as general working capital for its ongoing and upcoming property development projects, having highlighted its Sunsuria City and The Forum 2 developments as beneficiaries of the private placement.

It was then estimated that the private placement would be completed by the third quarter of this year (3Q19).

The first tranche of placement shares, consisting of 26 million shares, was listed and quoted on May 10, while the second tranche of 15 million shares was quoted on Bursa on Aug 15.

Both tranches were placed at 70 sen apiece.

Inter-Pacific Securities Sdn Bhd is the adviser and placement agent for the exercise while Advisory Sdn Bhd is the financial adviser for the placement.

At 3:26pm, Sunsuria shares were 2.33% or 1.5 sen higher at 66 sen, valuing the company at RM591.31 million. The counter saw some 15,000 shares traded.

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