PETALING JAYA: Sunway Bhd
’s indirect wholly-owned subsidiary Sunway Property & Facility Management Sdn Bhd is proposing to acquire a 40% stake in Engie-Sunway DCS Sdn Bhd (ESDCS) from Sunway SK Sdn Bhd for RM10.98mil to strengthen its earnings prospects.
Sunway SK is an indirect unit of Sunway Construction Group Bhd (SunCon).
In a filing with Bursa Malaysia, Sunway stated ESDCS is a project owner and developer in relation to the engineering, financing, construction, operation and maintenance of district cooling systems. ESDCS is jointly held by ECM Cooling Sdn Bhd and Sunway SK in the ratio of 60:40, respectively.
Upon completion of the proposed acquisition, Sunway Property & Facility Management will hold 40% equity interest in ESDCS.
Sunway said the proposed acquisition aligns with Sunway Property & Facility Management’s long term strategic business expansion plan. The group added it will strengthen Sunway Property & Facility Management’s core capabilities to generate stable and recurring income, thereby supporting sustainable long-term business growth.
The proposed acquisition will enable Sunway Property & Facility Management to integrate the district cooling system as a core component of the facilities management and enhance service efficiency of Sunway Property & Facility Management.
The proposed acquisition is expected to be completed by the fourth quarter of 2025.
In a separate filing, Sunway noted its indirect wholly-owned Sunway Iskandar Development Sdn Bhd (SIDSB) has established a perpetual medium-term note programme of up to RM2bil.
The MTN programme is unrated. The proceeds raised from the issuance will be used to finance capital expenditure, working capital (including property development costs) and/or general corporate purposes of SIDSB and its subsidiaries.
