Maybank Investment Bank Research says the privatisation of UEM Sunrise Bhd is unlikely to happen due to the large capital expenditure (capex) required by the property developer for its projects in Nusajaya and Desaru in Johor.
“In our view, Khazanah Nasional Bhd is unlikely to privatise UEM Sunrise as there is little motivation for it to do so since the latter is Khazanah’s only listed property vehicle and privatising it would require Khazanah to find another listing platform for its property assets and there is huge capex involved in developing the greenfield land in Nusajaya and Desaru,” the brokerage said on Tuesday in its report.
Khazanah, a Government’s strategic investment fund, is a major shareholder of UEM Sunrise, with a 66.1% stake.
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“In our view, Khazanah Nasional Bhd is unlikely to privatise UEM Sunrise as there is little motivation for it to do so since the latter is Khazanah’s only listed property vehicle and privatising it would require Khazanah to find another listing platform for its property assets and there is huge capex involved in developing the greenfield land in Nusajaya and Desaru,” the brokerage said on Tuesday in its report.
Khazanah, a Government’s strategic investment fund, is a major shareholder of UEM Sunrise, with a 66.1% stake.
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