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Shareholders approve UEM Land bid for Sunrise

PETALING JAYA: UEM Land Holdings Bhd (UEM Land) has obtained its shareholders' approval on the offer to acquire all ordinary shares in Sunrise Bhd (Sunrise) at its Extraordinary General Meeting held on Wednesday, Dec 22.

With shareholders' approval and the offer acceptance level exceeding 50%, all the conditions in relation to the offer have been fulfilled and the offer has become unconditional, it said in a press release on Wednesday.

The closing date for the offer has been extended to Jan 7, 2011.  

According to UEM Land managing director and chief executive officer Datuk Wan Abdullah Wan Ibrahim, the company has received valid acceptances of approximately 72.2%, bringing the actual number of Sunrise shares transferred to UEM Land to 84.5%.

"We would likely be looking towards delisting of Sunrise. If there is further take-up by Sunrise's shareholders during the extended offer period, we may reach the requisite threshold whereby we can then acquire Sunrise's entire equity interest," said Wan Abdullah.

The acquisition of Sunrise is synergistic and complementary for both parties, as it is an amalgamation of a macro township developer and a specialised property developer, resulting in a stronger and more resilient entity, Wan Abdullah said.

It will also allow both parties to strengthen its local operations and push for presence in the regional markets, as well as give UEM Land the opportunity to enhance its profile and visibility in the investment community especially since the deal has attracted notable interest from foreign investors, he added.

The acquisition will allow UEM Land to participate in Sunrise's developments in the Klang Valley including Mont Kiara and Dutamas, development in the Kuala Lumpur City Centre as well as its upcoming projects in Kajang and Shah Alam.

Meanwhile, Sunrise with its proven track record in managing quality high-rise residential, serviced residences and commercial properties as well as developing the "lifestyle experience", is expected to partake in UEM Land's development in Nusajaya.

"We are now a step closer towards realising the anticipated synergies and benefits from this business combination. Our next immediate milestone is to roll out our integration strategy and initiatives that will be mutually beneficial for both the UEM Land and Sunrise groups," said Wan Abdullah.

The UEM Land board of directors at the EGM. Photo: UEM Land
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