SC approves UEM Sunrise's application for time extension on proposed merger

KUALA LUMPUR (Dec 2): The Securities Commission Malaysia (SC) has approved UEM Sunrise Bhd's application for an extension of time to announce any firm intention to make a takeover offer with regard to its proposed merger with Eco World Development Group Bhd (EcoWorld).

The SC has now given UEM Sunrise until Jan 31 next year to make its announcement on the matter, the group said in a filing with Bursa Malaysia yesterday.

It added that the SC wants UEM Sunrise and EcoWorld to decide by Jan 2 on whether to proceed with discussions in relation to the proposed merger.

If both groups decide to proceed with the discussions, they must jointly submit an application for a final extension of time based on a timeline as agreed by the boards of directors, at the earliest possible date after Jan 2, but latest by Jan 15.

"Both UEM and EcoWorld shall be required to make monthly announcements to keep the market informed on the progress of the discussions and anticipated work streams for the proposed merger until such time that a definitive agreement in relation to the proposed merger is entered into or negotiations are terminated, is announced," said UEM Sunrise.

Shares in UEM Sunrise closed unchanged at 42.5 sen, for a market capitalisation of RM2.12 billion. EcoWorld ended 1.5 sen or 3.95% higher at 39.5 sen, valuing the group at RM1.16 billion.

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