Sime buys Thai firm for RM80.40mil

PETALING JAYA: Sime Darby Bhd is acquiring a 99.99% stake in Thailand-based Industrial Enterprises Co Ltd (IEC) for RM80.40mil, as part of its expansion plan to fast-track its presence into the greater Mekong sub-region.

Sime Darby told Bursa Malaysia yesterday that its wholly-owned subsidiaries Sime-Morakot Holdings (Thailand) Ltd and Sime Darby Plantation Europe Ltd had entered into a conditional sale and purchase agreement with Sub Sri Thai Public Co Ltd to acquire IEC.