Sunsuria Sees Higher GDV Of RM11 Billion Via Acquisition
Date：2015/03/11
![]()
KUALA LUMPUR -- Sunsuria Bhd expects to raise its total Gross Development Value (GDV) to RM11 billion from RM300 million following its plans to acquire stakes in three real estate companies.
Sunsuria Bhd has entered into several agreements with its executive chairman Datuk Ter Leong Yap, Sunsuria said in a statement.
The three companies are involved with on-going and upcoming developments in strategic locations within the Klang Valley and Johor, which in turn would benefit Sunsuria, after taking into account Sunsuria's effective interests in the projects arising from the proposals.
"This will translate into an effective GDV of about RM4.5 billion for our future income stream," Sunsuria said.
The collective proposals, which are expected to be completed by the second quarter of 2015, will expand the company's existing land bank from 1.906 ha. to about 180.085 ha.
The proposals would be funded from internal funds and from the fund raising exercise of rights issue with warrants, which was approved by its shareholders last year.
However, all the three proposals require shareholders' approval at the upcoming extraordinary general meeting to be announced soon, the company said.
-- BERNAMA