UEM Sunrise Bhd is disposing of its 72 freehold industrial plots in Iskandar Puteri, Johor for RM434.3 mil to AME Elite Consortium Bhd.
In a Bursa Malaysia filing today, the property developer said this will allow the plots, measuring 68.71 hectares in Phase 3, Southern Industrial and Logistics Clusters (SiLC), to be monetised at a quicker rate as compared to individual plots sale.
To facilitate the transaction, UEM Sunrise revealed that its wholly-owned subsidiary UEM Land Bhd and an indirect wholly-owned subsidiary Nusajaya Heights Sdn Bhd have entered into two separate heads of agreement with AME units: Pentagon Land Sdn Bhd and Greenhill SILC Sdn Bhd.
The property developer added that it would partner with AME to develop the area into an integrated industrial park development.
UEM Sunrise, which is the landowner and master developer of Iskandar Puteri, said AME and its units specialised in the construction of customised large manufacturing plants, design-and-build, and development of industrial parks.
AME also provides engineering services and property investment and management services in Malaysia.
Meanwhile, UEM Sunrise’s managing director and chief executive officer Anwar Syahrin Abdul Ajib has given notice of his resignation today as he is pursuing other opportunities.
In an announcement to Bursa Malaysia, UEM Sunrise said the board would deliberate on the effective date of Anwar’s resignation.
“In the meantime, a transition plan will be executed for a smooth handover to ensure continued management of UEM Sunrise’s business and operations.
“The company will announce the date of resignation in due course,” it said.
Recently, UEM Group Bhd has submitted a letter to the respective boards of UEM Sunrise and Eco World Development Group Bhd proposing that they consider and deliberate on a potential merger between the two companies.
The proposed merger is expected to create one of the largest property companies in Malaysia. – Oct 9, 2020
