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PETALING JAYA (April 8): Sunway Bhd plans to seek shareholder approval for the renewal of its recurrent related party transactions (RRPT) mandates and share buyback authority at its forthcoming annual general meeting (AGM), according to a filing with Bursa Malaysia today (April 8).
Institutional support and governance mandates
The group said it will table proposals to:
*Renew its existing shareholders’ mandate for RRPT
*Seek a new RRPT mandate
*Renew its share buyback authority
A circular detailing the proposals will be issued to shareholders in due course.
In a separate filing, the Employees Provident Fund (EPF) Board disclosed that it had acquired 5,265,000 ordinary shares last Friday (April 3), raising its total direct interest in Sunway to 672,447,659 shares, equivalent to 9.95%.
Capital management
The RRPT mandate renewal allows the group to continue entering into recurrent transactions with related parties in the ordinary course of business, subject to shareholder approval.
The proposed renewal of the share buyback authority provides the company with the option to repurchase its own shares, in accordance with regulatory requirements.
No financial thresholds or utilisation details were disclosed in the announcements.
Shareholding movement
The increase in EPF’s stake was disclosed as a direct interest, with holdings maintained across nominee accounts.
No investment rationale was provided in the filing.
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