Sep 3, 2010
SunCity to raise stake in Sunway Lagoon
KUALA LUMPUR: Sunway City Bhd (SunCity) plans to acquire 45% stake in Sunway Lagoon Sdn Bhd for RM128.6mil cash.
The proposed acquisition will raise its stake in Sunway Lagoon to 96% from 51%.
In a filing with Bursa Malaysia yesterday, SunCity said it had entered into two share sale and purchase agreements with Datuk Lim Say Chong and Oh Kim Sun.
Lim and Oh hold 1.9 million and 2.6 million ordinary shares of RM1 each, representing 19% and 26% equity interest respectively, in Sunway Lagoon.
The acquisition would be funded by internal funds, SunCity said.
It said there were no liabilities to be assumed by SunCity following the acquisition, other than those incurred by Sunway Lagoon in the ordinary course of business operations.
Sunway Lagoon is an established world-class theme park and recreation destination. In addition, it has 49.8ha in Bandar Sunway and 46ha in Sydney, Australia.
“For the 18-month period ended Dec 31, 2009, Sunway Lagoon reported a group profit after tax of RM53.3mil.
“By owning 96% of Sunway Lagoon and with the same management effort, SunCity will have greater share of the group’s future earnings,” SunCity said.
It said the 51% stake in Sunway Lagoon contributed 12% of SunCity’s group’s profit after tax and minority interest (excluding revaluation gain) for the 18-month period ended Dec 31, 2009.
SUNCITY : [Stock Watch] [News]
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