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TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS SUNSURIA BERHAD ("SUNSURIA" OR THE "COMPANY") (I) PROPOSED ACQUISITION; AND (II) PROPOSED PROVISION OF FINANCIAL ASSISTANCE (COLLECTIVELY, THE "PROPOSALS")

SUNSURIA BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS
Description
SUNSURIA BERHAD ("SUNSURIA" OR THE "COMPANY")

(I)	PROPOSED ACQUISITION; AND

(II)	PROPOSED PROVISION OF FINANCIAL ASSISTANCE

(COLLECTIVELY, THE "PROPOSALS")

On behalf of the Board of Directors of the Company, RHB Investment Bank Berhad wishes to announce that the Company had on 29 January 2024 entered into a conditional shares sale and purchase agreement with Suez Capital Sdn Bhd (“Suez Capital”) and Dasar Temasek Sdn Bhd (“Dasar Temasek”) (collectively, the “Vendors”) for the proposed acquisition by the Company of a total of 2,904,337 ordinary shares in Bangsar Hill Park Development Sdn Bhd (“BHP Development”), representing 33.00% equity interest in BHP Development, from the Vendors for a total cash consideration of RM71,415,000 (“SSPA 2024”) (“Proposed Acquisition”). Currently, BHP Development is a 51%-owned subsidiary of the Company. Upon completion of the Proposed Acquisition, the Company’s shareholding in BHP Development will increase from 51% to 84%. 

 

In conjunction with the Proposed Acquisition, the Company had on the even date entered into the following:

 

(i)     a shareholders’ agreement with Sunsuria KL Sdn Bhd, being the shareholder of the remaining 16% equity interest in BHP Development (“Sunsuria KL”), and BHP Development to regulate the relationship between the Company and Sunsuria KL, as the shareholders of BHP Development, upon the completion of the SSPA 2024 (“SHA 2024”). For the avoidance of doubt, Sunsuria KL is not a company within Sunsuria’s group of companies; and

 

(ii)     a letter of termination with Suez Capital, Dasar Temasek, Sunsuria KL and BHP Development mutually agreeing to, among others, terminate the shares subscription and shareholders’ agreement dated 2 October 2020 in relation to BHP Development effective from the completion of the SSPA 2024. 

 

Pursuant to the SHA 2024, the Company will provide, among others, its obligation to undertake the proposed provision of financial assistance of up to RM204.8 million to BHP Development upon completion of the Proposed Acquisition (“Proposed Provision of Financial Assistance”).

 

(The Proposed Acquisition and Proposed Provision of Financial Assistance are collectively referred to as the “Proposals”)

 

Details on the Proposals are set out in the attachment below.

 

This announcement is dated 29 January 2024.




Please refer attachment below.



Announcement Info

Company Name SUNSURIA BERHAD
Stock Name SUNSURIA
Date Announced 29 Jan 2024
Category General Announcement for PLC
Reference Number GA1-29012024-00037



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