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Boustead Plantations to sell subsidiary for RM60mil


KUALA LUMPUR: Boustead Plantations Bhd (BPB), as part of its ongoing exercise to unlock value, has entered into a conditional share sale agreement with Permodalan Darul Ta’zim Sdn Bhd (PDT) for the proposed disposal of BPB’s 76.1% equity interest in Boustead Sedili Sdn Bhd for a total cash consideration of RM60mil. 

Upon completion, BPB is expected to realise a total estimated net gain on disposal of RM31.5mil, which translates into a gain of about 2 sen per BPB share. 
The sale consideration was reached on a willing-seller-willing-buyer basis and represents a premium of RM3.5 million or 6.2% over the adjusted effective net asset value of the sale shares held by BPB of approximately RM56.5mil. 

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