KUALA LUMPUR, Malaysia (August 23, 2011) – Sunway Berhad, a Malaysian-based property-construction group, was listed on the Main Market of Bursa Malaysia Securities Berhad this morning.
The new entity was a result of a merger between two of the Sunway Group’s public-listed companies, Sunway Holdings Berhad and Sunway City Berhad. Sunway Berhad’s listing marks the completion of the merger exercise, which was initiated in November last year.
Sunway Berhad, set-up to be a two-core structure will be one of the largest property-construction players with strong presence in the region, with total assets of over RM 7.0 billion, a land bank of close to 2,200 acres, with a potential GDV of approximately RM23 billion.
The market capitalization of the Company, based on the reference price of RM2.80 per share is RM 3.6 billion. Sunway Berhad ranks amongst the top five property and construction companies listed on the Bursa Malaysia by market capitalization and amongst the top 60 companies listed on the exchange.
Tan Sri Dato’ Seri Dr Jeffrey Cheah, AO, Founder and Chairman of the Sunway Group said, “The successful completion of this IPO marks a momentous milestone in our corporate history, since our inception in 1974. I would like to welcome all our shareholders and investors to join us in a new period of growth for Sunway, and on behalf of the Group, I would like to extend my heartfelt thanks for their faith and confidence in our potential.”
“We are indeed proud to reintroduce Sunway to the Malaysian equity markets as a larger, leaner, and ultimately more investable company, ready to grow its reach with a formidable brand. We would like to resonate the conviction of our investors by saying that with the enlarged entity, we can now approach the market with a renewed vigour. With our size, we can now bid for more projects with higher value and access more capital markets, backed by enhanced liquidity, stronger credit profile and upfront planning that will ensure an efficient capital structure,” he added.
CIMB Investment Bank Berhad (“CIMB”) and RHB Investment Bank Berhad (“RHB”) acted as the Joint Principal Advisers to Sunway for the IPO.