20101103 1510 Breaking News. UEM Land & Sunrise.

KUALA LUMPUR (Dow Jones)--Malaysian property firms UEM Land Holdings Bhd. (5148.KU) and Sunrise Bhd. (6165.KU) plan to merge their operations via an exchange of shares, a move that will allow both firms to capitalize on the expected growth in the real estate sector. A person familiar with the deal told Dow Jones Newswires that UEM Land, owned by state-controlled UEM Group, and Sunrise-- a developer of high-end real estate in Kuala Lumpur--plan to sign a share exchange agreement that will be announced tomorrow. He declined to provide further details of the transaction.