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TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS MEGA SUN CITY HOLDINGS BERHAD (FORMERLY KNOWN AS IDEAL SUN CITY HOLDINGS BERHAD) (MEGA SUN OR COMPANY) PROPOSED ACQUISITION

MEGA SUN CITY HOLDINGS BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS
Description
MEGA SUN CITY HOLDINGS BERHAD (FORMERLY KNOWN AS IDEAL SUN CITY HOLDINGS BERHAD) (MEGA SUN OR COMPANY)

PROPOSED ACQUISITION

Unless otherwise defined, all abbreviations used herein shall have the same meaning as those defined in the earlier announcement dated 22 July 2016 in relation to the Proposed Acquisition.

Further to the announcement dated 22 July 2016 in relation to the Proposed Acquisition, M&A Securities Sdn Bhd on behalf of the Board wishes to announce the following additional information in relation to the Proposed Acquisition:-

  1. The proportion of cash and borrowings to be used to fund the Purchase Consideration is not determined at this juncture.
  2. The Board is of the view that the prospects of the Property are positive, after taking into consideration, inter alia, the outlook of the property market in Penang, the current market rental rates for commercial suites and the Guaranteed Rental. The Group plans to renovate the Property together with the 15 non-renovated units of the C.E.O. that it owns and expects to rent these properties out with better success, considering that the Group successfully rented out all 31 of its renovated units, whilst all 15 of its non-renovated units are vacant. 

This announcement is dated 26 July 2016.






Announcement Info

Company Name MEGA SUN CITY HOLDINGS BERHAD
Stock Name MEGASUN
Date Announced 26 Jul 2016
Category General Announcement for PLC
Reference Number GA1-26072016-00079




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