Takeover of Sunrise boosts UEM Land's job portfolio

By Sharen Kaur
Published in NST on December 23, 2010

UEM Land Holdings Bhd's takeover of Sunrise Bhd will strengthen its portfolio with the completion of several projects overseas, its chief says.


Currently, UEM Land is focused on township developments in Nusajaya, Johor, Cyberjaya and Bangi in Selangor.

"With Sunrise, we will have the capacity to develop high-rise residences and commercial properties here and overseas," said UEM Land managing director and chief executive officer Datuk Wan Abdullah Wan Ibrahim.

UEM Land now controls 84.5 per cent of Sunrise, which has projects in Canada.

Yesterday, shareholders approved UEM Land's proposed acquisition of Sunrise for RM1.39 billion or RM2.80 per share.

"Sunrise's project in Canada will now be part of our portfolio," Wan Abdullah said after UEM Land's extraordinary general meeting (EGM) in Subang, Selangor, yesterday.

Sunrise has a mixed-use project worth more than RM1 billion in Richmond, Vancouver, comprising five 16-storey towers.

UEM Land, meanwhile, has 16ha of land in Durbin, South Africa, where it plans to undertake a mixed development in a 50:50 joint venture with the local authority.

"The project is located near Port of Durbin and we will be tapping Sunrise's expertise. The takeover comes at a time when the 16ha is ripe for development," he said.

Wan Abdullah said shareholders had been told about the prospects and direction of the enlarged UEM Land group.

"The actual number of Sunrise shares transferred to UEM Land has reached 84.5 per cent, hence, we would likely be looking towards delisting Sunrise.

"If there is further take-up by Sunrise's shareholders during the extended offer period, we may reach the requisite threshold whereby we can then acquire Sunrise's entire equity interest," he said.

He said the next step is to roll out its integration strategy and initiatives that will mutually benefit UEM Land and Sunrise.

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