PETALING JAYA, July 1 — UEM Sunrise Bhd is exiting its marina-related joint venture in Puteri Harbour, Johor, after disposing of its entire 40% equity interest in Sarandra Malaysia Sdn Bhd (SMSB) to Singapore-based ONE15 Marina Holdings Pte Ltd for RM50,000 in cash.
In a Bursa Malaysia filing, UEM Sunrise said its wholly-owned subsidiary UEM Land Bhd had signed a share sale agreement and related novation agreements with ONE15 on the same day to facilitate the transaction.
Under the deal, UEM Land will sell its 40% stake in SMSB to ONE15 for RM50,000. As part of the arrangement, ONE15 will also assume all remaining rights, obligations, and liabilities linked to outstanding amounts owed by SMSB and its subsidiaries to UEM Land.
Upon completion, UEM Land will fully exit SMSB, and UEM Sunrise will no longer have any equity interest in the joint venture structure previously established to develop and operate marina facilities through the company.
The group noted that the transaction should be read alongside earlier announcements on the joint venture dating back to 2016 through 2018. UEM Sunrise added that the disposal will not affect its issued share capital or major shareholders’ holdings, and is not expected to have a material impact on earnings, net assets, or gearing for the financial year ending Dec 31, 2026.
What I learned:
UEM Sunrise is strategically streamlining its portfolio by exiting a long-standing marina joint venture in Johor’s Puteri Harbour. Even though the stake was sold at a nominal price of RM50,000, the key outcome is the transfer of liabilities and full operational responsibility to the partner, ONE15 Marina Holdings. This kind of transaction shows how property developers in Malaysia may prioritise balance sheet clean-up and risk reduction over holding non-core or underperforming assets, especially as they focus on stronger recurring income segments such as industrial property, commercial developments, and office space markets in Kuala Lumpur and Selangor.
Yao Mu Realty, based in Kuala Lumpur, Malaysia, specializes in industrial real estate for factories and land, delivering professional and efficient solutions.
Posted by Yao Mu Realty Sdn Bhd on 1 Jul 26
Malaysia