UEM Land Holdings Bhd has received shareholders' approval for the proposed acquisition of property developer, Sunrise Bhd, for RM1.39 billion or RM2.80 per share.

"The extraordinary general meeting (EGM) resolution for the takeover has been passed by shareholders along with the special resolution to increase our share capital," UEM Land chairman Dr Ahmad Tajuddin Ali, told reporters after the EGM  in Petaling Jaya today.

"It was a very simple EGM. We took the opportunity to explain to the shareholders not just about this transaction, but also the status of the company going forward," he said.

He also said, it has been communicated to the shareholders of Sunrise, who have not accepted the offer, that the deadline has been extended to Jan 7.    

As of now, Ahmad Tajuddin said, the acceptance is already 85 percent.

"Our circular says that if we have over 75 percent, we will proceed with the delisting. If we have over 90 percent, we will go through with the compulsory acquisition," he explained.

Going forward, he said, with the acquisition of Sunrise, the company will have the capacity for high rise and commercial property development.

"Our existing capacity is within the township development," he said, adding the company would look for new opportunities.

- Bernama