Thursday 28 Mar 2024
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KUALA LUMPUR (Sept 23): Sunway's acquisition of Sterling Paradise, which has 47 parcels of land comprising 11.8 acres (4.72ha) in Kuala Lumpur for a mixed-residential development, for RM15 million is positive, TA Securities says. 

The acquisition is to be completed by 4Q and will further expand the Malaysian conglomerate's land bank in the Klang Valley, in line with its aim of replenishing its land bank in strategic locations, TA says. 

The deal won't affect Sunway's earnings for now pending its completion, TA says, keeping shares at hold but raising its target to RM1.78 from RM1.65. 

Sunway last closed at RM1.69.
 

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