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Thursday, April 8, 2010

SunCity among top gainers in Thursday's morning trade

PETALING JAYA: Sunway City Bhd were among the highest gainers in Thursday’s morning trade. At 12pm, its shares rose 11 sen to RM3.81 with 619,000 shares traded.

The company announced yesterday it is proposing to dispose its entire interest in selected properties to a real estate investment trust (REIT) that will be established by SunCity and listed on Bursa Malaysia.

SunCity said the properties would include the Sunway Pyramid Shopping Mall, Sunway Resort Hotel & Spa, Pyramid Tower Hotel, Menara Sunway, Sunway Carnival Mall, Sunway Hotel Seberang Jaya, Suncity Ipoh Hypermarket and Sunway Tower.

The company is also disposing three parcels of leasehold land measuring 19,406 sq metres in Selangor to its subsidiary Sunway Pyramid Sdn Bhd for a consideration to be determined later.

SunCity said the investment objectives of the Sunway REIT were to provide the unitholders with an exposure to a diversified portfolio of authorised investments that would provide stable cash distributions with the potential for sustainable growth of the net asset value per unit.

By The Star

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