Sunway sells shares in four firms for RM470mil

AmInvestment Research picked Sunway Bhd (Buy, FV: RM1.65) given that its local property launches have been generally well received due to good locations.

PETALING JAYA: Sunway Bhd has disposed of shares in four companies to wholly owned subsidiary Sunway City Sdn Bhd (SunCity) for RM469.25mil as part of a proposed reorganisation exercise.

In a filling with Bursa Malaysia yesterday, the property developer said it had disposed of 2.5 million shares of Sunway Treasury Sdn Bhd for RM17.84mil, two shares in Sunway REIT Holdings Sdn Bhd for RM2, 131.12 million shares in Sunway Medical Centre Sdn Bhd for RM444.38mil, and 20,000 Class A shares in Sunway Lagoon Club Bhd for RM7.03mil.