Sunway Bhd's subsidiary is selling a piece of land measuring 13,306 square metres in Seberang Jaya, Penang to Sunway Real Estate Investment Trust (SunREIT) for RM17.20mil cash.
Sunway said in a statement to Bursa Malaysia on Monday its subsidiary Commercial Parade Sdn Bhd was expected to gain RM7mil from the sale of the land which is adjacent to Sunway Carnival Shopping Mall.
Commercial Parade will utilise the sales proceeds to redeem its non-cumulative redeemable preference shares amounting to RM9.30mil and to repay its shareholder via dividend.
Sunway added the land was acquired by Commerical Parade in 2004 for RM8.59mil while SunREIT's purchase would enable the latter to expand Sunway Carnival mall.
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Sunway said in a statement to Bursa Malaysia on Monday its subsidiary Commercial Parade Sdn Bhd was expected to gain RM7mil from the sale of the land which is adjacent to Sunway Carnival Shopping Mall.
Commercial Parade will utilise the sales proceeds to redeem its non-cumulative redeemable preference shares amounting to RM9.30mil and to repay its shareholder via dividend.
Sunway added the land was acquired by Commerical Parade in 2004 for RM8.59mil while SunREIT's purchase would enable the latter to expand Sunway Carnival mall.
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