The Board of Directors of Sunsuria (“Board") wishes to announce that its 99.99%-owned direct subsidiary, Sunsuria Gateway Sdn Bhd (“SGSB”), had on 26 July 2017 entered into a Shareholders Agreement (“SHA”) with Genlin Development Sdn Bhd (“Genlin”), to mutually cooperate with the common interest to develop two (2) pieces of freehold land measuring total area of approximately 2.23 acres located at Sentul, Kuala Lumpur (“Land”) via Goodwill Signature Sdn Bhd (“JVCO”) (currently a wholly-owned subsidiary of SGSB), which has been identified as the joint venture vehicle between SGSB and Genlin (collectively, the “Parties”) to undertake the development of the Land (“Proposed Joint Venture”).

The Board wishes to further announce that simultaneous to the execution of the SHA, the JVCO has on 26 July 2017 entered into a Sale and Purchase Agreement (“SPA”) with Genlin for the acquisition of the Land by the JVCO from Genlin for a total cash consideration of RM28,000,000 (“Purchase Consideration”) (“Proposed Land Acquisition”).

(The Proposed Joint Venture and the Proposed Land Acquisition are collectively referred to as the “Proposals”).

Please refer to the attachment for further details on the Proposals. 

This announcement is dated 26 July 2017.