Suez Capital / Sunsuria JV
What we found
As at the January 2024 announcement, Bangsar Hill Park, an eight-block residential development launched in August 2020 with an estimated gross development value of RM2.9 billion and development costs of RM2 billion, was expected to be fully completed over the following eight years, with roughly RM1.6 billion of development costs still outstanding.
The evidence
2 claims across 1 areaCorporate continuity
Sunsuria Bhd agreed in January 2024 to acquire a further 33% of Bangsar Hill Park Development Sdn Bhd from Suez Capital Sdn Bhd and Dasar Temasek Sdn Bhd for RM71.42 million cash, taking Sunsuria's stake from 51% to 84%, in a transaction described as involving related parties because the controlling shareholder of the buyer and the controlling shareholder of the sellers are brothers.
One more finding
Sunsuria Bhd proposed to increase its equity interest in its subsidiary Bangsar Hill Park Development Sdn Bhd, the company developing Bangsar Hill Park in Bangsar, by buying a 33% stake from Suez Capital Sdn Bhd and Dasar Temasek Sdn Bhd for RM71.4 million, which would raise its holding from 51% to 84%.
