According to The Star Online, Sunsuria Bhd will receive total cash proceeds of RM59.38mil after exercising a put option entered earlier.
The company said that an amount equivalent to RM21.6mil shall be paid to Sunsuria and the entire CI Medini Shares purchase consideration of RM1.85mil will be paid to Sunsuria on Sept 30, 2016. Another amount equivalent to RM16.5mil shall be paid to Sunsuria on or before March 31, 2017 in tranches as stated in the sales and purchase agreement (SPA).
Located in Salak Tinggi, Sunsuria's flagship project, the freehold 525-acre Sunsuria City has a gross development value (GDV) of RM10bil.
Earlier this year, the company had signed a partnership agreement with Taiwan-based Welcome Global Co Ltd to build a Korean-themed development in Sunsuria City on a 8.48-acre site. The development has a GDV of RM700mil, and comprises a boutique hotel, a wedding house, serviced apartments, a Korean-themed mall known as K-Mall, as well as a themed garden.
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