SunCity, Sunway accept merger proposal

Sunway City Bhd and Sunway Holdings Bhd, two Malaysian property developers, said their respective boards accepted a merger proposed by Jeffrey Cheah, chairman of both companies.

Sunway City’s board said in an exchange filing that its board considered advice from independent directors and Goldman Sachs (Malaysia) Sdn Bhd.

Sunway Holdings said in a separate statement that its board took independent advice from OSK Investment Bank Bhd.

By Bloomberg