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Wednesday, January 20, 2010

Sunway unit to buy 60pc of Spanland

SUNWAY Holdings Bhd’s unit SunwayMas Sdn Bhd has entered into a deal to buy a 60 per cent stake in property firm Spanland Sdn Bhd from Templer Forest for RM13.8 million.

The deal outlines the joint venture (JV) of SunwayMas and Templer Forest to jointly undertake a RM500 million property development project on 98.43 acres in Rawang, Selangor.

SunwayMas will fund the proposed acquisition and proposed JV through bank borrowings and internally generated funds.

By Business Times

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