By BUSINESS TIMES
KUALA LUMPUR: Sunway Bhd plans to sell a 20 per cent stake in Sunway REIT Management Sdn Bhd to Millennium Pavilion for RM28 million.
In its filing to the stock exchange yesterday, Sunway said Millennium Pavilion shareholders are Datuk Lim Say Chong, Oh Kim Sun and Ng Sing Hwa.
The purchase consideration is based on a price earnings ratio of 10 times based on Sunway REIT’s 2012 earnings. Sunway is set to realise an immediate gain of RM26 million.
The proposed joint venture does not need Sunway shareholders’ approval and is subject to the Securities Commission’s consent.
– Malaysia Property News