PDC land deal termination no impact to Sunway

MIDF Research said it is not making any changes to its earnings forecast for Sunway.

PETALING JAYA: The termination of the land deal with Penang Development Corp (PDC) is expected to have limited financial implications to Sunway Bhd, says MIDF Research.

In September, Sunway’s 70%-owned subsidiary Umech Land Sdn Bhd entered into a joint development agreement (JDA) with PDC. This was to outline each party’s rights and obligations in respect of the joint development of 558.96 acres of leasehold land in Batu Kawan, Penang.