PETALING JAYA: Sunsuria Bhd
has moved to take majority control of KL City Gateway Sdn Bhd (KLCG) after announcing plans to raise its stake from 20% to 61% through a RM21.46mil share acquisition.
The deal involves purchasing an additional 41% equity interest from four existing shareholders, including Suez Capital Sdn Bhd and three individual and corporate investors.
Upon completion, KLCG will become a subsidiary of Sunsuria, while the remaining shareholders – Transworld Equity Sdn Bhd and Suez Capital – will retain a combined 39% and enter into a new shareholders’ agreement with the group.
KLCG, incorporated in 2005, is the developer behind a major redevelopment project involving 9.66 acres in Kampung Sungai Baru, Kuala Lumpur.
The project will be delivered in two phases, beginning with a 7.95-acre mixed-use development.
