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PETALING JAYA (July 1): UEM Sunrise Bhd (UEMS) is exiting its marina joint venture at Puteri Harbour, Johor, via the disposal of its entire 40% equity stake in Sarandra Malaysia Sdn Bhd (SMSB) to its Singapore-based partner ONE15 Marina Holdings Pte Ltd for RM50,000 in cash.
In a Bursa filing yesterday, UEM Sunrise said its wholly-owned subsidiary UEM Land Bhd entered into a share sale agreement and novation agreements with ONE15 the same day, for the proposed disposal.
Under the agreements, UEM Land will dispose of its entire 40% interest in the issued share capital of SMSB to ONE15 for a total cash consideration of RM50,000.
In conjunction with the share sale, ONE15 will assume all residual rights, risks and obligations in relation to the outstanding amounts owed by SMSB and its subsidiaries to UEM Land.
Following completion of the transaction, UEM Land will cease to hold any equity interest in SMSB and UEM Sunrise will accordingly exit the joint venture structure with ONE15.
The disposal marks UEM Sunrise’s withdrawal from a joint venture structure that was originally set up between UEM Land and ONE15 to develop and operate marina-related facilities through SMSB.
UEM Sunrise said the latest update should be read together with its earlier announcements on the joint venture dated Feb 22, 2016, July 11, 2017, Oct 2, 2017, Oct 10, 2017, Dec 29, 2017, June 29, 2018 and Dec 21, 2018.
UEM Sunrise said the proposed disposal will not have any effect on the issued and paid-up share capital and substantial shareholders’ shareholdings of the company.
The group does not expect the disposal to have any material effect on its earnings per share, net assets per share or gearing for the financial year ending Dec 31, 2026.
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