SUNWAY HOLDINGS INCORPORATED BERHAD ("SUNINC")
- LETTER OF AWARD FOR RM119.2 MILLION FROM SUNWAY CITY BERHAD ("SUNCITY")
The following announcement has been released to Bursa Malaysia Securities
Berhad on 19 September 2005:
The Board of Directors of SunInc is pleased to announce that Sunway
Construction Sdn Bhd ("SunCon"), a wholly-owned subsidiary of SunInc, had on 19
September 2005, accepted the letter of award for a contract worth RM119.2
million from SunCity for the proposed construction of several campus buildings
for Monash University Sunway Campus Malaysia Sdn Bhd (hereinafter referred to
as "the Proposed Project").
The Proposed Project is targetted to be completed by 31 January 2007 with a
construction period of approximately 17 months. It is expected to contribute
positively to the earnings of the Group for the financial year ending 2006.
The Proposed Project is a related party transaction by virtue of Tan Sri Dato'
Seri (Dr) Cheah Fook Ling being a director and major shareholder of SunInc and
SunInc had obtained a Shareholders' Mandate for Recurrent Related Party
Transactions ("RRPT") of a revenue or trading nature at its 27th Annual General
Meeting held on 29 June 2005. The RRPT Mandate inter alia, covers the provision
of construction works by SunCon to SunCity and its subsidiaries.
This announcement is dated 19 September 2005.
Last update on 23 June 2006
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