News about Sunway

The proposed acquisition of IJM Corp is due to the need for a company with the size to tap into the rising investment activities in Malaysia, said Sunway president Datuk Anuar Taib at a briefing on Monday.

In November last year, IJM denied news report about a merger between the group and Sunway, adding that its board was not aware of any such proposal and had not been approached regarding a potential merger.

Sunway Treasury Sdn Bhd, a wholly-owned subsidiary of Sunway City Sdn Bhd, which is in turn wholly-owned by Sunway, has lodged the required documents with the Securities Commission Malaysia for the sukuk programme, according to a bourse filing.

Three parcels have been acquired in Puchong and USJ 1, Selangor, and in Georgetown, Penang, as part of Sunway’s nationwide expansion strategy.

SunCon did not disclose further details on the awarding party or the project locations.

Under the contract, the multinational corporation has the option, but not the obligation, to award the mechanical and engineering fit-out works to SCSB, subject to finalisation of the project contract.

Its anchor tenants include Village Grocer, BUMP Bouldering, The Library by BookXcess, TGV Cinemas, KKV, COUNT and Tutu Toe Dance Academy.

Transport Minister Anthony Loke Siew Fook: Seremban Sentral is more than just a physical development project.

The proceeds will also be used for general corporate purposes, refinancing of existing borrowings, and inter-company advances within the Sunway group via shariah-compliant structures such as mudharabah or wakalah, said Sunway.

Before joining Sunway REIT Management Sdn Bhd—the manager of Sunway REIT—he was CEO of Sentral REIT Management Sdn Bhd, the manager of Sentral REIT.