SUNSURIA (3743) - Stocks With Momentum: Sunsuria
March 12, 2015 : 10:34 AM MYT
SUNSURIA (fundamental: 1.2/3; valuation: 2.5/3) added 4 sen or 2.6% to RM1.61 after it proposed an asset injection exercise on Tuesday that will see its controlling shareholder Ter Leong Yap injecting three property development projects in Salak Tinggi, Shah Alam and Iskandar Malaysia into the company.
The proposals — first mooted last year but subsequently delayed — will expand Sunsuria’s existing land bank from 4.71 acres to 445 acres, and translate into an effective GDV of approximately RM4.5 billion. The RM350 million asset acquisitions are to be funded from internal funds, a rights issue exercise with free warrants and a private placement.
The fund raising exercise is expected to be completed by 2Q2015 and total net cash funding required is estimated to be RM239 million. To recap, in 2014 Ter bought control of Sunsuria — previously known as Malaysian Aica Bhd — and turned the wooden and fire rated door-maker into a property player.
http://www.theedgemarkets.com/
March 12, 2015 : 10:34 AM MYT
SUNSURIA (fundamental: 1.2/3; valuation: 2.5/3) added 4 sen or 2.6% to RM1.61 after it proposed an asset injection exercise on Tuesday that will see its controlling shareholder Ter Leong Yap injecting three property development projects in Salak Tinggi, Shah Alam and Iskandar Malaysia into the company.
The proposals — first mooted last year but subsequently delayed — will expand Sunsuria’s existing land bank from 4.71 acres to 445 acres, and translate into an effective GDV of approximately RM4.5 billion. The RM350 million asset acquisitions are to be funded from internal funds, a rights issue exercise with free warrants and a private placement.
The fund raising exercise is expected to be completed by 2Q2015 and total net cash funding required is estimated to be RM239 million. To recap, in 2014 Ter bought control of Sunsuria — previously known as Malaysian Aica Bhd — and turned the wooden and fire rated door-maker into a property player.
http://www.theedgemarkets.com/
