Sunway told Bursa Malaysia that both parties also signed a shareholders agreement to jointly undertake a property development project on parcels of leasehold land measuring 98.43 acres in Rawang, Selangor.
The shareholders agreement will come into effect on the completion of the proposed acquisition.
"The land is strategically located opposite the Templer Park Country Club in the affluent area north of Kuala Lumpur.
"It is suitable for high-end development and is proposed for a property development project comprising low-density residential units of exclusive lifestyle bungalows which can be launched within 12 months from the completion date of the share sale agreement.
"This fits into the group's strategy of focusing on niche residential projects with fast turnaround," Sunway said.
By Bernama
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