SUNSURIA (3743) - QL to take up stake in Sunsuria
Monday, 27 April 2015
PETALING JAYA: Agri-food and poultry giant QL Resources Bhd is poised to emerge as a substiantial shareholder in property developer Sunsuria Bhd, which is embarking on the Xiamen University Malaysia Campus property development project in Sepang, said sources.
The company is believed to have purchased a stake of at least 5% in Sunsuria, which inched up 11 sen to close at RM2.05 per share last Friday,
This is likely QL Resources’ second investment in a public-listed company. It has a 41.48% stake in biomass boiler manufacturing group Boilermech Holdings Bhd.
“The owners of QL Resources know Ter (Sunsuria’s major shareholder Datuk Ter Leong Yap) and have confidence in his ability to deliver on the property projects,” said the source.
Sunsuria’s share price has been rising recently. Over the last two weeks, the stock was only trading at RM1.50 level and on a year-to-date basis, the stock is up 56.49%.
Sunsuria was formerly known as Malaysian Aica Bhd (Maica).
Sunsuria’s backdoor listing was a result of Ter serving a notice of a mandatory general offer to Maica’s largest shareholder Tan Sri Robert Tan Hua Choon last year.
Following a corporate exercise, Ter became a major shareholder with a 50.12% of the company. Its principal activity was also changed from a wooden and fire rated door-maker to property development.
Since the change in business, Sunsuria’s earnings have been improving. For the nine months to Dec 31, 2015, Sunsuria’s net profit was up 138.54% to RM3mil on the back of a 271.93% increase in revenue to RM56.03mil.
Two major developments took place in Sunsuria recently. In March, Ter announced that he was injecting his private property assets of over 440 acres worth RM350mil and which comes with a gross development value (GDV) of RM11bil into Sunsuria.
Out of the proceeds, Ter will be reinvesting some to subscribe for 102.04 million new shares in Sunsuria at an issue price of 98 sen, which will increase his stake to some 58% from 51.12% currently. (98 sen is the theoretical ex-rights price of Sunsuria shares).
Ter is mainly injecting shares of his private property companies which already own existing property development projects with a GDV of RM11bil into Sunsuria.
They are located in Johor, Shah Alam and Salak Tinggi in Kuala Lumpur.
Then two weeks ago, Sunsuria proposed to acquire the remaining 50% in a property development company that is developing 331 acres surrounding the upcoming Xiamen University Malaysia Campus in Sepang.
Sunsuria is buying the property from Sime Darby Property, for RM173.4mil. The transaction values the land at RM41 per sq ft.
The development company, Sime Darby Sunsuria Development Sdn Bhd, was incorporated as a 50:50 joint venture between Sime Darby Property and Sunsuria Gateway Sdn Bhd to undertake a property development on the 331 acres of freehold land known as Suria Serenia.
QL’s third-quarter net profit to Dec 31, 2014 rose 24.67% to RM55.62mil on the back of a 10.09% increase in revenue to RM732.82mil.
QL Resources was thrust in the spotlight over the last few months, notably for its shareholder tussle with Lay Hong Bhd
QL’s takeover bid of fellow poultry player Lay Hong Bhd failed. Since then, Lay Hong has proposed a 15% share placement which will reduce QL’s current 38% stake in the company.
Monday, 27 April 2015
PETALING JAYA: Agri-food and poultry giant QL Resources Bhd is poised to emerge as a substiantial shareholder in property developer Sunsuria Bhd, which is embarking on the Xiamen University Malaysia Campus property development project in Sepang, said sources.
The company is believed to have purchased a stake of at least 5% in Sunsuria, which inched up 11 sen to close at RM2.05 per share last Friday,
This is likely QL Resources’ second investment in a public-listed company. It has a 41.48% stake in biomass boiler manufacturing group Boilermech Holdings Bhd.
“The owners of QL Resources know Ter (Sunsuria’s major shareholder Datuk Ter Leong Yap) and have confidence in his ability to deliver on the property projects,” said the source.
Sunsuria’s share price has been rising recently. Over the last two weeks, the stock was only trading at RM1.50 level and on a year-to-date basis, the stock is up 56.49%.
Sunsuria was formerly known as Malaysian Aica Bhd (Maica).
Sunsuria’s backdoor listing was a result of Ter serving a notice of a mandatory general offer to Maica’s largest shareholder Tan Sri Robert Tan Hua Choon last year.
Following a corporate exercise, Ter became a major shareholder with a 50.12% of the company. Its principal activity was also changed from a wooden and fire rated door-maker to property development.
Since the change in business, Sunsuria’s earnings have been improving. For the nine months to Dec 31, 2015, Sunsuria’s net profit was up 138.54% to RM3mil on the back of a 271.93% increase in revenue to RM56.03mil.
Two major developments took place in Sunsuria recently. In March, Ter announced that he was injecting his private property assets of over 440 acres worth RM350mil and which comes with a gross development value (GDV) of RM11bil into Sunsuria.
Out of the proceeds, Ter will be reinvesting some to subscribe for 102.04 million new shares in Sunsuria at an issue price of 98 sen, which will increase his stake to some 58% from 51.12% currently. (98 sen is the theoretical ex-rights price of Sunsuria shares).
Ter is mainly injecting shares of his private property companies which already own existing property development projects with a GDV of RM11bil into Sunsuria.
They are located in Johor, Shah Alam and Salak Tinggi in Kuala Lumpur.
Then two weeks ago, Sunsuria proposed to acquire the remaining 50% in a property development company that is developing 331 acres surrounding the upcoming Xiamen University Malaysia Campus in Sepang.
Sunsuria is buying the property from Sime Darby Property, for RM173.4mil. The transaction values the land at RM41 per sq ft.
The development company, Sime Darby Sunsuria Development Sdn Bhd, was incorporated as a 50:50 joint venture between Sime Darby Property and Sunsuria Gateway Sdn Bhd to undertake a property development on the 331 acres of freehold land known as Suria Serenia.
QL’s third-quarter net profit to Dec 31, 2014 rose 24.67% to RM55.62mil on the back of a 10.09% increase in revenue to RM732.82mil.
QL Resources was thrust in the spotlight over the last few months, notably for its shareholder tussle with Lay Hong Bhd
QL’s takeover bid of fellow poultry player Lay Hong Bhd failed. Since then, Lay Hong has proposed a 15% share placement which will reduce QL’s current 38% stake in the company.
