PETALING JAYA: With a cash payment of RM71.42mil, Sunsuria KL Sdn Bhd is increasing its ownership by an additional 33% in Bangsar Hill Park Development Sdn Bhd, the company behind the construction of the eight-block high-rise residential complex Bangsar Hill Park.
The related party transaction (RPT) will see Sunsuria raise its stake in the property developer to 84%, from 51% currently. Sunsuria will be the only remaining shareholder with a 16% stake after buying out Suez Capital Sdn Bhd and Dasar Temasek Sdn Bhd.
Tan Sri Ter Leong Yap is the executive chairman and a significant shareholder of Bursa-listed Sunsuria Bhd, holding 17.73% direct and 42.27% indirect stakes. He is also in control of Sunsuria KL. He is the brother of Datuk Ter Leong Hing, who is a director and the major shareholder of Suez Capital as well as a director and an indirect major shareholder of Dasar Temasek.
Launched in August 2020, Bangsar Hill Park is anticipated to be finished within eight years of the RPT announcement date of January 29. The estimated outstanding costs are approximately RM1.6bil. The project's total estimated gross development value is RM2.9bil, with RM2bill in gross development costs.
A further RM138.8mil in corporate guarantee and up to RM66mil in shareholder loans to the company will be added as a result of Sunsuria's investment increase in Bangsar Hill Park. The proposal needs to be approved by the non-interested shareholders of Sunsuria at an extraordinary general meeting that will take place later.
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