Tag: Sunrise

Malaysia’s UEM Sunrise and Eco World to review merger proposal

By Liz Lee

KUALA LUMPUR, Oct 5 (Reuters)Malaysian property group UEM Sunrise Bhd UMSB.KL said on Monday it will review merging with Eco World Development Group Bhd ECOW.KL after the idea was proposed by its major shareholder UEM Group.

UEM Group, which owns 66% of UEM Sunrise, is owned by Malaysia’s sovereign wealth fund Khazanah Nasional. It said in a letter on Friday that there was a “pressing need” for consolidation due to “subdued macro-economic conditions and market headwinds”.

UEM Sunrise, whose shares rose 6.94% on Monday, told Reuters its board will review UEM Group’s proposal. Eco World, whose shares were up 5.06%, said in a Facebook notice that it will convene a board meeting soon to deliberate the matter.

“On the surface it looks like a win-win, as both could achieve sustainability in the current tough market. If market continues to be weak, equity holders could

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Trading ideas: UEM Sunrise, EcoWorld, Pelangi Publishing, Gagasan Nadi Cergas, Sunsuria

KUALA LUMPUR: Stocks to watch on Monday include UEM Sunrise Bhd, Eco World Development Group Bhd, Gagasan Nadi Cergas Bhd, Pelangi Publishing Group Bhd, Sunsuria Bhd and Icon Offshore Bhd, according to JF Apex Research.

UEM Sunrise and Eco World Development will be engaged in merger talk to create the largest property company in the country that will be controlled by Khazanah Nasional Bhd.

Construction companies having business exposures in Middle East are under investors’ radar after Burj Khalifa builder Arabtec Holding to close down and file for liquidation.

Earlier, few UAE companies have sought to extend debt maturities or reach agreements with their creditors in an out-of-court process amid sluggish crude oil prices and real estate crisis.

Pelangi Publishing’s executive chairman and managing director Datuk Sum Kown Cheek, wife Datin Lai See Chiung, Sum’s brother Datuk Sam Yuen and spouse are seeking to take

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