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Myanmar : SUNSURIA enters into agreement for acquisitions of certain assets

May 20, 2014

Sunsuria announced that it has signed agreement to search and negotiate for the acquisition of certain assets related to the company s executive chairman and major shareholder Datuk Ter Leong Yap.

AmInvestment Bank, RHB Investment Bank and Astramina Advisory commented that a filing on behalf of the board that these assets cover the entire stakes in Sunsuria Gateway and Sunsuria South. It will also include 81% stake in Oscar Cheers, together with an ongoing residential development project comprising 49 bungalow lots known as Suria Hills 2B.

The firm aims to fund the proposed acquisitions via a renounceable rights issue of up to 475.08 million shares on the basis of three rights shares for every one existing Sunsuria share together with up to 158.36 million free detachable warrants on the basis of one free warrant for every three rights shares subscribed to, as well as a private placement of up to 63.34 million shares representing 10% of the enlarged issued and paid-up share capital of Sunsuria after the rights issue.

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Source: TendersInfo (India)

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