KUALA LUMPUR: Sunsuria Bhd has entered into a Share Sale and Purchase Agreement (SSPA) to acquire an additional 41% equity interest in KL City Gateway Sdn Bhd (KLCG) for RM21.46mil. This follows Sunsuria's initial 20% stake acquisition in December 2024.
Upon completion, Sunsuria’s shareholding in KLCG will increase to 61%, making KLCG a subsidiary. The remaining shareholders, Transworld Equity Sdn Bhd and Suez Capital, will retain a 39.00% interest.
Established in 2005, KLCG focuses on mixed-use developments in Klang Valley, notably the redevelopment of 9.66 acres along Jalan Sungai Baru. The project is expected to generate a gross development value of RM2.75bil and will be carried out in two phases.
Phase 1 involves a mixed-use integrated development while Phase 2 is pending further planning and approvals. The acquisition is anticipated to positively impact the group’s earnings in the medium to long term.
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