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Tuesday, July 13, 2010

Sunway City to acquire Mega Capacity

KUALA LUMPUR: Sunway City Bhd yesterday entered into a share-sale agreement with Sunway Pyramid Sdn Bhd (SPSB) for the proposed acquisition of Mega Capacity for RM2.8mil.

In a filing to Bursa Malaysia, the company said it also entered into an agreement with Reco Pyramid (M) Sdn Bhd (RPSB) to acquire 48% equity in Sunway Pyramid and an agreement with Reco Resort Hotel (M) Sdn Bhd (RRHSB) to acquire 9.6 million ordinary shares of RM1 each in Sunway Resort Hotel Sdn Bhd for RM12.144mil, subject to post-closing working capital adjustment.

“RPSB and RRHSB have expressed their interest to dispose of their respective 48% stake in SPSB and Sunway Resort upon completion of the disposal of Sunway Pyramid and disposal of hotels which were owned by SPSB and SRH respectively to Sunway REIT,” it said.

Sunway City will continue to engage in the hotel business through its subsidiaries as SRH is the master lessee of the hotels and Sunway International Hotels & Resorts Sdn Bhd is the operator of the hotels as well as being engaged in the management of Sunway Pyramid shopping mall.

By Bernama

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