Sunway REIT seeks unitholders' nod to renew mandate for related-party transactions at 13th AGM

PETALING JAYA (April 22): Sunway Real Estate Investment Trust (Sunway REIT) is seeking its unitholders' approval to renew the mandate allowing the trust to continue entering into recurrent related party transactions (RRPT) of a revenue or trading nature with the Sunway Group and Sunway Technology Group, according to its Bursa Malaysia announcement today (April 22).

The resolution will be tabled at the trust's 13th Annual General Meeting (AGM), scheduled for Thursday, May 21, 2026 at 3pm at Grand Congress, Level 12, Sunway Resort Hotel, Bandar Sunway, Subang Jaya.

What the mandate covers

The RRPT mandate covers a wide range of day-to-day operational transactions between Sunway REIT and its related parties, principally the Sunway Group. 

Key transaction categories include:

1) Income from rental and lease of premises/properties — estimated at up to RM300 million for the new validity period, with RM207 million actually transacted since the 12th AGM in May 2025
2) Fund management fee — estimated at RM70 million, up from the previous RM65 million estimate, with RM57.7 million transacted to date
3) Building facilities management and maintenance — estimated at RM20 million, raised from the previous RM16 million
4) Marketing, advertising and promotion services — estimated at RM26 million
5) Hotel, recreational and theme park services — estimated at RM1.2 million
6) Construction and related services, interior design and renovation works — on a project-by-project basis

Interested parties

Datin Paduka Sarena Cheah Yean Tih, a director of the manager Sunway REIT Management Sdn Bhd, holds an indirect interest of approximately 40.89% in Sunway REIT through a chain of related entities and has recused herself from all board deliberations on the matter. 

Sunway REIT Holdings Sdn Bhd (SRH), the direct major unitholder with a 40.89% stake, will also abstain from voting on the resolution at the AGM.

Material contracts note

The circular also discloses that on May 2, 2025, Sunway REIT entered into a conditional sale and purchase agreement for the disposal of Sunway University & College campus for RM613 million, which was completed on Sept 30, 2025. Separately, the trust entered into an agreement on Oct 28, 2025 for the disposal of Sunway Hotel Seberang Jaya for RM60 million to a subsidiary of Sunway Healthcare Holdings Bhd.

The board, save for Cheah, has recommended that unitholders vote in favour of the resolution.

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