The construction and property firms, controlled by Tan Sri Jeffrey Cheah, asked for their shares to be suspended from yesterday until 5pm today, pending a material announcement.
They will be merged into a new company via an exchange of shares and cash, Dow Jones newswires reported yesterday, citing an unnamed source.
The new company will continue to be controlled by Cheah, it added.
If a merger were to happen, it would be the third property merger to be announced this month.
Sunway Holdings was last traded at RM2.25 and SunCity, at RM4.49.
By Business Times
