Its intention to list its construction arm by 2QFY2015 and is poised to benefit from the Malaysia’s major infra spending. The company plans to distribute part of the listing proceeds in the form of a special dividend.
It is one of Malaysia’s largest property and construction companies and has a solid track record. It has a total land bank of 3376 acres with potential GDV of rm50 billion. It has a land bank of over 1800 acres in Iskandar Johor, where it is poised to replicate its successful Sunway Resort City concept with a rm30 billion project.
It is trading at a trailing 12 month PER of 3.9 times and just 1.08 times book. Excluding revaluations gains, its normalized PER is 11.8 times.
Singapore's sovereign wealth fund, GIC Pte Ltd, is selling a stake worth more than 400 million ringgit ($120 million) in Sunway Bhd are being priced in a range between 3.20 and 3.30 ringgit each.
Sunway, controlled by Malaysian tycoon Jeffrey Cheah, in September 2014 announced plans to re-list its construction business by the second quarter of 2015, a move would further unclock value and reward Sunway shareholders in the form of cash dividends.
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