PETALING JAYA: Datuk Ter Leong Yap, the major shareholder of Sunsuria Bhd, is
injecting his private property assets of over 440 acres worth RM350mil and which
comes with a gross development value of RM11bil into Sunsuria.
Out of the proceeds, Ter will be reinvesting some to subscribe for 102.04
million new shares in Sunsuria at an issue price of 98 sen, which will increase
his stake to some 58% from 51.12% currently. (98 sen is the theoretical
ex-rights price of Sunsuria shares).
According to an announcement to Bursa Malaysia, Ter is mainly injecting
shares of Sunsuria Gateway Sdn Bhd, Sunsuria Medini Sdn Bhd and Rentak Nusantara
Sdn Bhd into Sunsuria.
These are his private property companies which already own existing property
development projects which have a collective gross development value of
RM10bil.
Sunsuria has made a proposed subscription for 99.99% of the securities in
Sunsuria Gateway for RM1mil. It has also proposed to subscribe for 237 million
new redeemable preference shares (Class B) of Sunsuria Gateway for RM237mil.
Secondly, there is a proposed acquisition of a 20% effective equity interest
in Sunsuria Medini for RM53.12mil via the acquisition of Concord Property
Management Sdn Bhd. Concord currently holds 250,000 shares in Sunsuria Medini,
which represents a 20% stake in the latter.
Sunsuria is buying a further 12,500 shares in Sunsuria Medini for RM1.85mil
for a 1% stake.
Thirdly, there is the proposed subscription for 25 million new shares of RM1
each, representing 99.01% in Rentak Nusantara Sdn Bhd and the proposed
subscription for 32 million new redeemable preference shares for RM32mil.
The indicative fair market value of Sunsuria Gateway which ranged between
RM230mil and RM250mil, was based on its 50% share of the indicative enterprise
value of Sime Darby Sunsuria Development Sdn Bhd (SDSD), which was appraised by
Ernst & Young.
SDSD is a joint venture between Sunsuria Gateway and Sime Darby to undertake
a proposed property development project on 346.58 acres of freehold land
adjacent to the Salak Tinggi express link station.
Meanwhile, the purchase consideration for Sunsuria Medini was derived based
on the market value of RM600mil for the company’s land bank and its ongoing
developments as appraised by C H Williams Talhar & Wong on Jan 31.
As for Rentak Nusantara, it is now undertaking an ongoing bungalow
development in Setia Alam, Selangor which comprises 68 parcels of bungalow plot
known as Suria Hills 2A and 2B.
The subscription price of RM57mil was arrived at after taking into account
the market price of the projects as at Jan 31.
The total cash funding required for the proposals amounts to about RM250mil,
of which RM11mil has been paid.
The balance of RM239mil is expected to be funded via a combination of
internally-generated funds and funds from the fund-raising exercise.
The company’s rights issue of up to 475.08 million shares comes with 158.36
million free warrants,
The company said the rights shares had been fixed at a discount of at least
25% to the ex-rights price of Sunsuria shares.
This will be based on the five-day volume weighted average market price of
Sunsuria shares up to the price fixing date. In any case, the issue price shall
not be lower than 50 sen per rights share.
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