Sime Darby’s gearing to reduce with land sale

PETALING JAYA: The disposal of another huge tract of land in Malaysia Vision Valley (MVV) in Negri Sembilan by Sime Darby Bhd will see it saving on interest payments and boost financial year 2024 (FY24) forecast earnings by some 2%. Kenanga Research said the proceeds from the sale would also reduce the group’s net gearing.

Last Friday, Sime Darby said it was a tract of land in MVV measuring 1,281.8 acres to LEAP market-listed Uni Wall Aps Holdings Bhd via a Negri Sembilan state-owned company, NS Corp, for RM445mil cash.