Sime Darby’s indirect unit to dispose of land in Malaysia Vision Valley for RM460m

Wednesday, 24 Aug 2022 6:58 PM MYT

KUALA LUMPUR, Aug 24 — Sime Darby Bhd’s indirect wholly-owned subsidiary, Kumpulan Sime Darby Bhd (KSDB) has entered into a sale and purchase agreement with NS Corporation for the disposal of 559.36 hectares of land in Negri Sembilan for RM460 million.

In a filing with Bursa Malaysia today, Sime Darby said the proposed disposal of land located in the Malaysia Vision Valley (MVV) formed a continuation of its ongoing strategy of monetising the lands in MVV, being one of the non-core assets identified for divestment.

“Sime Darby will continue to explore opportunities in relation to the remaining lands in MVV to deliver value to the shareholders.

“The proceeds derived from the disposal will be utilised for Sime Darby and subsidiaries’ working capital requirements, capital expenditure and/or repayment of borrowings,” it added.

Sime Darby said barring any unforeseen circumstances and subject to all approvals being obtained, the proposed disposal is expected to be completed in the financial year ending (FYE) June 30, 2024.

“KSDB is expected to record a net gain on disposal of approximately RM57 million in FYE June 30, 2024.

“The Sime Darby Group is expected to record a net gain on disposal of approximately RM412 million (which translates into a gain per share of six sen) in FYE June 30, 2024,” it said. — Bernama