UEM Land Holdings Bhd has obtained the approval of shareholders for the proposed acquisition of real estate developer Sunrise Bhd for RM2.80 per share or RM1.39 billion.
“The extraordinary general meeting (EGM) resolution for the takeover has been passed by shareholders along with the special resolution to increase our share capital,” said Ahmad Tajuddin Ali, chairman of UEM Land. “It was a very simple EGM. We took the opportunity to explain to the shareholders not just about this transaction, but also the status of the company going forward.”
The deadline has been extended to January 7 and it has been communicated to Sunrise shareholders who have not accepted the offer, said Mr. Ahmad Tajuddin. The acceptance is now already 85 percent, he added.
“Our circular says that if we have over 75 percent, we will proceed with the delisting. If we have over 90 percent, we will go through with the compulsory acquisition,” he said.
With the purchase of Sunrise, UEM Land will have the capacity for commercial property and high rise development, said Mr. Ahmad Tajuddin. “Our existing capacity is within the township development,” he said, adding that the firm would search for new opportunities.