Sime Darby Plantation sells Verdant stake

  • Corporate News
  • Tuesday, 02 Jun 2020

PETALING JAYA: Sime Darby Plantation Bhd’s indirect subsidiary Ultra Oleum Pte Ltd has sold its entire 52% equity interest in Verdant Bioscience Pte Ltd to SIPEF and Ackermans & van Haaren NV (AVH) for US$8.61mil (RM37.4mil) cash.

According to a filing with Bursa Malaysia, SIPEF acquired an additional 10% stake in Verdant Bioscience from Ultra while AVH bought 42%.

Incorporated in Singapore, Verdant Bioscience is principally engaged in the research and development of life sciences and biotechnology in the plantation science, plant breeding and seed production.

The company also provides management services to its 94%-owned subsidiary PT Timbang Deli.

The disposal is not expected to have any material effect on earnings, consolidated net assets and consolidated gearing for the financial year ending Dec 31,2020, said Sime Darby Plantation.

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