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BUSINESS

Sime Darby to dispose of MVV Land to NS Corp for RM445 mln

23/09/2022 06:53 PM

KUALA LUMPUR, Sept 23 (Bernama) -- Sime Darby Bhd’s indirect wholly-owned subsidiary, Kumpulan Sime Darby Bhd (KSDB), is disposing of 519 hectares of land in the Malaysia Vision Valley (MVV), Negeri Sembilan to NS Corporation for RM445 million.

The parties today entered into a sale and purchase agreement.

The disposal is a continuation of Sime Darby’s strategy to unlock the value of its non-core assets through divestments.

Sime Darby said up to 85 per cent of the proceeds from the disposal will be set aside for working capital requirements including payment of operating expenses and taxes, repayment of borrowings as well as funding of the group’s operations to avoid financings. 

The disposal is expected to be completed in the financial year ending June 30, 2024, it said in a filing to Bursa Malaysia today, adding that it expected to record a net gain on disposal of about RM399 million.

-- BERNAMA 

 


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