19 June 2014

Sunsuria allows property plan to lapse

  19 June 2014

By THE STAR
KUALA LUMPUR: Sunsuria Bhd has allowed the heads of agreement of residential property project under a joint venture with the companies related to its executive chairman and substantial shareholder, Datuk Ter Leong Yap, to lapse.
Sunsuria, formerly Malaysia Aica Bhd, said on Wednesday the decision would provide it more time and flexibility to assess the various options regarding the proposed acquisitions and/or other potential land bank acquisitions.
The company also said it intended to implement the rights issue exercise to avail the company with funding as and when such opportunities arise.
“Sunsuria will continue to seek potential land banks and/or property investment and property development projects for acquisition, in line with Sunsuria’s strategic plan to grow and expand the company’s property development business, as well as to enhance the company’s future prospects and revenue growth,” it said.
To recap, Sunsuria had on May 19, inked the heads of agreement with the vendors related to Ter – which were Sunsuria Development Sdn Bhd, Rentak Nusantara Sdn Bhd and Strata Johan Sdn Bhd.
The proposal was to explore and negotiate with the vendors – Rentak Nusantara Sdn Bhd (RNSB) and Strata Johan Sdn Bhd over several assets and or projects.

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