KUALA LUMPUR, June 29 — Sime Darby Bhd’s unit, Sime Darby Builders Sdn Bhd, has proposed to dispose of 120.4 hectares of land in Kuala Langat (Selangor) to PNB Development Sdn Bhd for RM85.53 million.
In a filing to Bursa Malaysia today, Sime Darby said the proceeds from the exercise would be utilised to fund strategic development projects by Sime Darby Property Bhd for the next 12 to 24 months and to cover expenses for the disposal, expected to be completed by Dec 31, 2017.
“The proposal is in line with Sime Darby’s strategy to unlock value through monetisation and opportunistic divestments,” it said.
The exercise was not expected to have any material impact on the company’s consolidated gearing for the financial year ending June 30, 2017, it added.
— THE SUN