KUALA LUMPUR: SUNWAY HOLDINGS BHD [] and SUNWAY CITY BHD [] will be merged under a proposed exercise undertaken by Sunway Sdn Bhd, which is controlled by Tan Sri Jeffrey Cheah Fook Ling.
The exercise announced on Wednesday, Nov 24 would see the new company (Newco) offering RM2.60 per Sunway share and RM1.50 per warrant and RM5.10 per SunCity share and RM1.29 per warrant. The offer would include the Newco shares and also cash and free warrants.
For Sunway City, the offer price would be via issuance of an equivalent value of Newco shares at RM2.80 per share, which is 80% of the offer price and cash, representing 20% of the offer price.
As for Sunway Holdings, it would satisfied via the issuance of an equivalent value of Newco shares at RM2.80 per share, representing 80% of the offer price and cash, which is 20% of the offer price.
Sunway Sdn Bhd said the combined business would create scale and synergies. The listing of the NewCo would create a sizeable listed entity to provide clarity of brand to market, shareholders and customers.
'The larger combined entity provides an opportunity to rearticulate the Sunway brand and renew foreign investors' interest in Newco group,' it said.
The exercise announced on Wednesday, Nov 24 would see the new company (Newco) offering RM2.60 per Sunway share and RM1.50 per warrant and RM5.10 per SunCity share and RM1.29 per warrant. The offer would include the Newco shares and also cash and free warrants.
For Sunway City, the offer price would be via issuance of an equivalent value of Newco shares at RM2.80 per share, which is 80% of the offer price and cash, representing 20% of the offer price.
As for Sunway Holdings, it would satisfied via the issuance of an equivalent value of Newco shares at RM2.80 per share, representing 80% of the offer price and cash, which is 20% of the offer price.
Sunway Sdn Bhd said the combined business would create scale and synergies. The listing of the NewCo would create a sizeable listed entity to provide clarity of brand to market, shareholders and customers.
'The larger combined entity provides an opportunity to rearticulate the Sunway brand and renew foreign investors' interest in Newco group,' it said.
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