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Tuesday, August 23, 2011

Sunway eyes 30pc turnover from overseas

Sunway Bhd, an integrated property and construction company, expects its overseas business operation to contribute about 30 per cent of the company's total turnover in the next five years.

Its chief financial officer, Chong Chang Choong said currently, the businesses abroad contributed between 10-15 per cent of group turnover.

To embark on the overseas business operations, Chong said Sunway is investing RM300 million-RM400 million over the next five years.

"From the total investment, some RM300 million will be channeled to our property project in Tianjin, China," he said after Sunway Bhd's listing ceremony today.

Sunway, a merged entity following a merger between Sunway Holdings Bhd and Sunway City Bhd, was listed on the Main Market of Bursa Malaysia Securities Bhd.

Also present at the listing ceremony was the founder cum executive chairman of Sunway, Tan Sri Jeffrey Cheah.

The property development project in Tianjin, named Tianjin Eco City, Chong said, comes with a gross development value of RM5 billion.

The project, which covers about 90-95 acres is expected to be launched in the middle of next year and completed in 5-7 years time, he added.

"Our core business in both the construction and property segments will still be in Malaysia.

"However, we are also looking at overseas expansion, of which China is a very important market for Sunway," Chong said.

He also said after China, Sunway views Singapore as a very vibrant and attractive market.

"We are also allocating some RM100 million for the business expansion plans in Singapore and other countries," he added.

On Sunway's presence in India, he said the amount of investment in the country is relatively small, compared to the others.

"We have done some road projects there. But for the time being, our focus is on China and Singapore," he said.

Sunway debuted on the Main Market of Bursa Malaysia today, with a 20 sen discount against its reference price of RM2.80.

At the opening bell, 123,900 shares were traded.

By Bernama

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