Malaysia’s Sunway to list construction unit by Q2 2015

Malaysia 23 Sep 2014
Malaysia’s Sunway to list construction unit by Q2 2015

Malaysian property developer Sunway Bhd is looking to list its construction arm on the Malaysian bourse by the second quarter of 2015, according to a stock exchange filing on Friday.

The spin off and proposed listing on the main market of Bursa Securities will enable both entities to focus on growing its respective businesses of property development and construction, Sunway said.

Sunway plans to inject its wholly-owned unit Sunway Construction Sdn Bhd into Sunway Construction Group (SCG) Bhd, which will list its entire issued and paid-up share capital of RM258.6 million (US$80.1 million) comprising of 1,292.9 million shares on Bursa.

A portion of the proceeds from the proposed listing will also be distributed to shareholders in the form of a special cash dividend, the firm said.

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