Sunway Tunas is SunCity's unit

KUALA LUMPUR: Sunway Tunas Sdn Bhd became Sunway City Bhd's (SunCity) wholly-owned subsidiary after the latter purchased the remaining 30% stake that it did not own.

In a filing to Bursa Malaysia on Friday, Jan 28, SunCity said it acquired 75,000 ordinary shares of RM1 each — representing the remaining 30% equity interest in Sunway Tunas — from Koperasi Tunas Muda Sungai Ara Bhd for RM828,750.

SunCity also entered into a deed of mutual termination with Koperasi Tunas Muda Sungai Ara and Sunway Tunas to mutually terminate two agreements — namely, a shareholders' agreement between SunCity, Koperasi Tunas Muda Sungai Ara and Sunway Tunas dated June 14, 1995; and a joint venture agreement between Koperasi Tunas Muda Sungai Ara and Sunway Tunas dated Sept 24, 1999.

"Sunway Tunas has completed the development and now owns a completed car park building. The parties have agreed to mutually terminate the shareholders' agreement and joint venture agreement. The acquisition will allow SunCity to use Sunway Tunas for any future new business," it added.