UEM Sunrise requests for time on proposed merger

by TMR/ FILE PIX

UEM Sunrise Bhd announced in a Bursa filing that it needs time to deliberate on the group’s proposed merger with Ecoworld Development Group Bhd, due to size and complexity of the proposed merger.

The group requested for time extension and to revert their decision on the proposed merger by January 2, 2021.

The Malaysian Reserve reported earlier this month that the proposed merger is expected to create one of Malaysia’s largest property companies by landbank acreage.

UEM Group stated it has explored the possibility of a merger between UEM Sunrise, in which it owns a 66.1% equity stake, and other property developers, and believes the merits for a merger are stronger with EcoWorld.