Sunway unit secures US$67m term loan from OCBC

Sunway Bhd's unit has secured a US$67mil (RM214mil) term loan from Oversea-Chinese Banking Corporation Ltd, part of which would be used to refinance the existing Islamic term loan facility.

Sunway said on Thursday Sunway Treasury Sdn Bhd had secured the facility from OCBC's Labuan branch.

The loan would be for advances to Sunway and its subsidiaries and to refinance the existing Islamic term loan facility granted to Sunway MUSC Sdn Bhd by Maybank Islamic Bhd.

It would also be used to part-finance the construction of a building on the Monash University Malaysia campus by Sunway MUSC Sdn Bhd.

Sunway bags RM282.9m Khazanah-Temasek project

Sunway Bhd has secured a RM282.9mil contract from Khazanah Nasional Bhd and Temasek Holdings (Pte) Ltd joint venture to undertake a development project.

Sunway said on Friday its unit Sunway Construction Sdn Bhd had accepted the letter of award from the JV company Pulau Indah ventures Sdn Bhd. The location of the project was not disclosed.

The urban wellness project comprises of a five-storey building for corporate training, a four-storey health centre, car parks and a 23-storey block of service apartments.

"The proposed project is expected to commence on Sept 1, 2013 and completed by Oct 31, 2015 with a construction period of 26 months. It is expected to contribute positively to the earnings of Sunway Group from the financial year ending Dec 31, 2014 onwards," said Sunway.

Sunway Q2 earnings up 10.3% to RM170.34m

Sunway Bhd's earnings rose 10.3% to RM170.34mil in the second quarter ended June 30, 2013 from RM154.33mil a year, boosted by higher revenue from property sales and construction revenue.

It said on Thursday its revenue rose 12.2% to RM1.118bil from RM996.09mil while earnings per share were 13.18 sen compared with 11.94 sen. It declared an interim dividend of 5.0 sen a share.

Sunway said its property development segment reported revenue of RM286.9mil and profit before tax of RM71.9mil versus revenue of RM188.6mil and profit before tax of RM37.9mil a year ago. The higher revenue was due to stronger sales achieved.

The higher profit before tax was also boosted by higher profit contribution from its Singapore property development projects

The property investment segment reported revenue of RM141.8mil and profit before tax of RM32.3mil versus revenue of RM143.7mil and profit before tax of RM35.4mil a year ago.

“The overall performance of this segment was impacted by lower contribution from the hospitality division which experienced lower occupancy rate and higher operating expenses due to major overhaul of plant and machinery and operating equipment,” it said.

The construction segment reported revenue of RM372.8mil and profit before tax of RM18.3mil as compared to revenue of RM388.3mil and profit before tax of RM20.3mil.

For the first half, its earnings rose 19.3% to RM260.90mil from RM218.78mil while revenue increased by 18.1% to RM2.139bil from RM1.810bil.

Link please

Interim Single Tier Dividend of 5% per ordinary share of RM1.00 each for the financial year ending 31 December 2013

EX-date 18/09/2013
Entitlement date 20/09/2013
Payment date 01/10/2013

Sunway JV wins Singapore URA tender for RM1.132b

Sunway Bhd’s joint venture has been awarded a land parcel in Mount Sophia, Singapore for a 99-year lease term at S$442.28mil (RM1.132bil) by the Urban Redevelopment Authority of Singapore.

It said on Tuesday the JV comprising of its unit Sunway Developments Pte Ltd, Hoi Hup Realty Pte Ltd and S C Wong Holdings Pte Ltd were awarded the land parcel following a successful tender for the land.

Hoi Hup, SDPL and S C Wong had on Sept 16, incorporated a JV -- Hoi Hup Sunway Mount Sophia Pte Ltd on a 51:30:19 equity ratio - to undertake a residential development on the land.

“The completion period of the proposed project shall be 60 months or earlier, commencing from Sept 12, 2013. It is expected to contribute positively to the earnings of Sunway Group from the financial year ending Dec 31, 2015 onwards,” it said.

Sunway Bhd’s 60m shares crossed at RM2.90, shares fall

Sunway Bhd saw 60 million of its shares traded off-market at RM2.90 each on Friday, which was 14 sen below Thursday’s close of RM3.04.

Stock market data showed the shares accounted for a 3.48% stake, based on the company’s paid-up of 1.723 billion shares.

Earlier, Bloomberg reported that the GIC, which is Singapore’s sovereign wealth fund, was selling its Sunway shares as part of a “rebalancing activities for its overall portfolio”.

This had also triggered some selling pressure on the property-construction-education company.

people panicked thus sells

Singapore GIC sells 60m Sunway Bhd shares

The Government of Singapore Investment Corporation Pte Ltd (GIC) disposed of 60 million share of Sunway Bhd on Oct 4.

A filing with Bursa Malaysia showed after the sale of the shares, its stake was reduced to 8.74% or 150.66 million shares.

The sale of the shares was part of the GIC’s portfolio rebalancing.

Sunway buys four pieces of land in Penang

Sunway City (Penang) Sdn Bhd (SCP), an indirect unit of Sunway Bhd, has signed a sales and purchase agreement with Luxor Precision Sdn Bhd to acquire four pieces of freehold land in Penang for RM267.41 million.

In a filing with Bursa Malaysia today, Sunway said SCP has successfully bid for the land on Dec 17, together with existing buildings, plant nurseries and other structures.

The proposed acquisition would provide Sunway with an estimated gross development value of RM1.5 billion when fully developed, said the developer in an earlier announcement to Bursa Malaysia.

"The proposed development for the land consisted of commercial shops, small office and home office as well as highrise residential units that would strengthen Sunway's presence in Penang property market," it said.

Sunway said the land was strategically located within the vibrant centre of Penang Island and was surrounded by tourism spots as well as matured residential townships.