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Sunway and SunCity get shareholders nod for merger

KUALA LUMPUR: Shareholders of Sunway Holdings Bhd and Sunway City Bhd (SunCity) approved the proposed disposals of the two companies' asset and liabilities to Sunway Bhd at their EGMs on Wednesday, June 15.

The approvals would pave the way for the merger of the assets under a larger company which would be slated for listing in the third quarter of this year.

The new entity, called Sunway Bhd, will have two core businesses in property development and construction, with a potential market capitalisation of over RM3.5 billion.

This will make it the fourth largest property and construction by market capitalisation listed on Bursa Malaysia.

Sunway group founder and chairman Tan Sri Jeffrey Cheah said the new entity will be better positioned and capitalised to take on bigger projects in the future.

The new entity will have a combined land bank of more than 2,200 acres with a total gross development value of RM25 billion.

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