Proceeds from the proposed the Klang land disposal will be utilised for working capital.
KUALA LUMPUR: Sime Darby Plantation Bhd
(SDP) is disposing of three parcels of land totalling 948.83 acres in Klang, Selangor, to Sime Darby Property (Bukit Tunku) Sdn Bhd for RM618mil.
In a filing with Bursa Malaysia, SDP said it has inked a sale and purchase agreement with the wholly-owned subsidiary of Sime Darby Property Bhd.
The proceeds derived from the proposed disposal will be utilised for working capital requirements.
The SPA is subject to the approvals of the Estate Land Board, Sime Darby Property’s shareholders at an EGM to be convened and other relevant regulatory bodies.
SDP said it expects to complete the SPA within three months after all conditions precedent have been fulfilled. — Bernama
