PETALING JAYA: Sunway Bhd
has sealed its largest-ever acquisition with a RM2.42bil deal to acquire Hongkong Land’s Singapore and Malaysian residential development arm, MCL Land, the deal representing a major milestone in Sunway’s strategy to expand its regional property footprint.
The transaction, valued at up to S$738.7mil, will be executed through Sunway Labuan Investment Ltd, a wholly owned subsidiary of Sunway City Sdn Bhd, the latter itself a full unit of Sunway.
Under the share purchase agreement (SPA), the purchase consideration comprises a base net asset value of S$720.7mil plus a deferred payment of up to S$18mil, depending on the gross development value achieved by MCL Land’s projects.
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