KUALA LUMPUR: Sunsuria Bhd
has proposed to increase its equity interest in its subsidiary, Bangsar Hill Park Development Sdn Bhd (BHP Development), via a 33% stake purchase from Suez Capital Sdn Bhd and Dasar Temasek Sdn Bhd for RM71.4mil.
In a statement, the property developer said the equity purchase will increase its stake in BHP Development to 84% from the current 51%.
BHP Developments owns and develops the Bangsar Hill Park Development project, which has a total gross development value of about RM2.9bil, comprising eight blocks of high-rise residential units strategically located along Lorong Maarof, Bangsar.
The project was launched in August 2020 and is scheduled for completion in May 2029.
"The proposed acquisition augurs well for Sunsuria Group as it would allow the Company to further consolidate the financial performance of BHP Development, ultimately recognising a higher contribution from BHP Development to the company’s profit attributable to the shareholders of the company (Patami).
“Additionally, this strategic initiative is set to strengthen Sunsuria Group's presence in the highly sought-after Bangsar area, underscoring our steadfast commitment to expanding our footprint in two key markets," said Sunsuria group CEO Tan Wee Bee.
He said the proposed acquisition is expected to be funded through internally generated funds and/or bank borrowings.
Barring any unforeseen circumstances, it is expected to be completed by the first half of 2024.
