SUNWAY AND SRI LANKA'S DASA TOURIST LOOKING AT A JOINT VENTURE

KUALA LUMPUR, June 18 (Bernama) -- Sunway Holdings Bhd and Sri Lanka based Dasa Tourist are looking at the possibility of forming a joint venture company to develop a 34-storey tower in Colombo, Sri Lanka.

In a statement here Thursday, Sunway said it has entered into a Memorandum
of Understanding with Dasa Tourist, a wholly-owned subsidiary of Dasa Group of
Companies for the proposed development with estimated gross development value of
RM250 million (US$1=RM3.26).

Under the terms of the MoU, Sunway shall undertake feasibility studies and
market research to ascertain the viability of the proposed development.

The move is in line with Sunway's strategy of investing in industries of
growing economies in which it has a core expertise.

It would also provide Sunway the opportunity to explore the feasibility of
expanding its property development business in Sri Lanka by developing a parcel
of land in an attractive location on terms and conditions that are mutually
beneficial to Sunway and Dasa Tourist.

The proposed project is located on a plot of prime freehold land in the
premium mixed-use zone of Bambalapitiya in District Colombo 4 and has the
potential to generate a total sellable area of 400,000 square feet.

--BERNAMA