Sime Darby Bhd sold its entire 22% stake in Palmco Holdings Bhd for RM306.2mil or RM6.90 per share in a private placement yesterday, in the process netting a profit of close to RM94mil on its two-year investment.
Group chief executive Tan Sri Nik Mohamed Yaacob said in a statement that the decision to sell was primarily because the investment in Palmco no longer met Sime Darby's overall objective.
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