KUALA LUMPUR, Dec 1 (Bernama) -- 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 (SDPBT) for RM618 million.
In a filing with Bursa Malaysia today, SDP said it has inked a sale and purchase agreement (SPA) with the wholly owned subsidiary of Sime Darby Property Bhd today.
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 extraordinary general meeting 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.
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