Sunsuria's share price soars to three-month high in active trade

• At 52.5 sen, the counter is at its highest since its closing price of 57 sen on May 3 and 11% higher than its closing price of 47 sen on Wednesday (Aug 9).

KUALA LUMPUR (Aug 10): Property developer Sunsuria Bhd saw its share price closing at a three-month high after active trading on Thursday (Aug 10) on Bursa Malaysia.

It reached an intra-day high of 54.5 sen before retreating to 52.5 sen at market close, valuing the company at RM470.36 million. 

At 52.5 sen, the counter is at its highest since its closing price of 57 sen on May 3 and 11% higher than its closing price of 47 sen on Wednesday (Aug 9).

In terms of volume, the counter saw 24.27 million shares changing hands, almost 10 times its 200-day average volume of 2.48 million shares. It also surpassed its share volume of 642,300 on Wednesday.

Based on Bloomberg's data, its year-to-date share price rose by 59.09%, while its shares for the 12-month period increased by 52.17%.

According to its 2022 annual report, as at December 30, 2022, executive chairman Tan Sri Ter Leong Yap is the largest shareholder of the company with a combined 60% indirect and direct stake.

Ter owns a direct interest of 168.84 million shares or an 18.85% stake, and an indirect stake of 368.67 million shares or 41.15% by way of his substantial shareholdings in Ter Equity Sdn Bhd, Ter Capital Sdn Bhd and THK Capital Sdn Bhd. Other substantial shareholders include Ruby Technique (5.06%).

Its last changes in shareholdings involved its independent non-executive director, Datuk Quek Ngee Meng who disposed of 193,300 shares on April 19, leaving him with 50,000 shares or 0.006% from 243,300 (0.03%) in Dec 2022.

Last week, the company appointed Tan Wee Bee as its new group chief executive officer effective Aug 1.

Tan, 52, has over 26 years of international experience in the property development and construction industries, having held leadership positions at other property companies.

On June 22, Sunsuria’s unit acquired an 80% equity interest in property developer Mayer Land Sdn Bhd (MLSB) for RM800,000,  which enabled it to participate in two Rumah Selangorku projects and a mixed development in Penang that have been awarded to MLSB.

Its wholly-owned subsidiary Sunsuria Symphony Sdn Bhd (SSSB) will be acquiring MLSB’s shares through internally-generated funds from Ong Thuan Bok and Kho Weng Kooi — 640,000 shares (64%) from Ong and 160,000 shares (16%) from Kho.

Ong will be left with 16% in MLSB following Sunsuria's entrance, while Kho will have 4%.

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