SunCity proud of Billion Ringgit Club award

PETALING JAYA: Sunway City Bhd (SunCity), which took home the award for the most profitable company with highest return on equity over three years in the property and REIT sectors from The Edge Billion Ringgit Club Gala Dinner 2011, is proud of its achievement.

"We are privileged indeed to receive this recognition which underscores Sunway City's commitment to deliver and create value for our shareholders. We attribute our extraordinary performance to visionary leadership, perceptive and transparent corporate policies; as well as synergistic and passionate teamwork which compounds the bulwark of the company's continuous progress," said Datuk Ngeow Voon Yean, managing director of property investment.

The gala dinner was held to recognise the best companies on Bursa Malaysia with at least RM1 billion in market capitalisation as at March 31 each year or turnover for the immediate preceding year.

SunCity has a market capitalisation of RM2.3 billion. Last year, the company became the first integrated real estate conglomerate when it listed Sunway REIT on Bursa Malaysia's Main Market, which eventually became the largest real estate investment trust company in the country with a market capitalisation of RM3 billion.

Between June 30, 2007 and Dec 31, 2010, the company's profit attributable to equity holders had surged to RM542 million from RM155.8 million, while earnings per share increased to 115.3 sen per share from 35.2 sen, representing a compound annual growth rate of 40% per year. During the same period, net assets per share increased to RM5.53 from RM3.06, representing a CAGR of approximately 20% per year.

"Sunway City will continue to strive to perform all our economic functions in the most efficient and productive manner, employing optimal use of current technology. We will continue to protect our shareholders' investments, and provide them a sustainable return, and give them confidence in our corporate governance through transparency and accountability," said Ho Hon Sang, managing director of property development at SunCity.

He added that the planned merger between SunCity with Sunway Holdings Bhd would unlock value for all shareholders through the creation of a streamlined platform for the expansion of the property and construction businesses, as well as realising synergies between companies in the larger Sunway Group.

As a result of the merger, a new merged entity called Sunway Bhd will be listed on Bursa Malaysia as soon as August this year. The exercise will create a single, more sizeable integrated regional property and construction player which will create economies of scale and synergies, bring greater brand clarity to the market and attract talents.