Jag proposes private placement to raise RM14.41m for its property project
The property development will include a mix-development project with a total gross development value (GDV) of RM220.09 million.
The property development will include a mix-development project with a total gross development value (GDV) of RM220.09 million.
SunCon’s outstanding order book currently stands at RM6.4 billion with 2.5 to three years of earnings visibility.
Wholly owned unit Gabungan Strategik Sdn Bhd has accepted the letter of award.
This follows the expiry of the last extended conditional period on May 26 whereby the conditions precedent as stated in the sale and purchase agreement (SPA) have not been fully complied with
"Barring any unforeseen circumstances, the disposal is expected to be completed by the second quarter of 2018."
The property development and the property investment and management segments contributed 10% and 7% respectively to the group's revenue.
“The property development and property investment business segment reported lower revenue due to lower occupancy rates and lower jetty income."
SunCon said its ongoing project remains on track.
"The divestment plan will enable Enra to monetise its investment in LZSB..."
In a filling to Bursa Malaysia, SunREIT said Sin, 43, replaces Wai Sow Fun, who will assume a new role within the Sunway Group.