Newly merged Sunway to expand overseas investments

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Sunway has announced that they are expecting to work on and expand their overseas investments and that the projects are targeted to contribute 30% of the turnover in the next coming 5 years. The group is the newly merged company of its subsidiaries namely Sunway City and Sunway Holdings which were recently delisted from Bursa Malaysia.

After the merge, it opened at the Bursa Malaysia’s Main Market at a reference price of RM2.80 with a 20sen discount and 123,900 shares traded. The consolidation will give the company a better and more focused effort to ensure that they can work to expand its overseas efforts. At the moment, investments from its overseas projects make up between 10 to 15% of the total turnover of the group. Chong Chang Choong, the Chief Financial Officer of Sunway said that the company has already allocated between RM300million to RM400million for the expansion of its overseas businesses.