Sunreit subscribes to Sunway debt notes

PETALING JAYA: Sunway Real Estate Investment Trust’s (Sunreit) trustee RHB Trustees Bhd has subscribed to the one-month commercial paper with nominal value of RM60 million issued by Sunway Bhd, in a related party deal.

The subscription is at a 3.8% per annum discount rate.

Sarena Cheah Yean Tih, a director of Sunway and the manager, Sunway Management Sdn Bhd, has abstained from deliberating and voting in the board of the manager pertaining to the subscription.

The company told Bursa in a filing, investment in money market instrument that offers the most competitive discount rate, is in line with Sunreit’s active capital management strategy.

Sunreit and Sunway shares both closed one sen higher at RM1.73 and RM4.48 respectively.

Source: The Sun Daily

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