MARKET DEVELOPMENT
Sime Darby’s China Unit Signs Equity Transfer Agreement
Sime Darby’s China Unit Signs Equity Transfer Agreement
03/12/2014 (The Star) - Sime Darby Bhd’s wholly owned subsidiary, Sime Darby China Oils And Fats Co Ltd (SDCOF), has entered into an equity transfer agreement (ETA) with China-based Shandong Wanbao Agricultural Co Ltd to sell its 55% equity interest in Rizhao Sime Darby Oils & Fats Co Ltd (RSDOF) for 85.25 million yuan (RM45.2mil).
Shandong Wanbao is a private limited liability company in Rizhao City, Shandong Province.
This disposal is subject to the terms and conditions of the ETA.
SDCOF is an indirect wholly owned subsidiary of Sime Darby incorporated in Hong Kong and is an investment holding company.
RSDOF, meanwhile, is an indirect wholly owned subsidiary of Sime Darby incorporated in China.
The principal activities of RSDOF are the refining, storage and marketing of palm oil-related products. It has an edible oil bulking facility in Rizhao, Shandong Province.
In a statement to Bursa Malaysia, Sime Darby said the consideration for the proposed transaction was expected to be fully utilised for working capital requirements of the Sime Darby group or to fund RSDOF’s future expansion, if required.
“The proposed transaction offers a good opportunity for Sime Darby to improve its commercial ability and viability in other edible oils in China,” it said.
Shandong Wanbao is a private limited liability company in Rizhao City, Shandong Province.
This disposal is subject to the terms and conditions of the ETA.
SDCOF is an indirect wholly owned subsidiary of Sime Darby incorporated in Hong Kong and is an investment holding company.
RSDOF, meanwhile, is an indirect wholly owned subsidiary of Sime Darby incorporated in China.
The principal activities of RSDOF are the refining, storage and marketing of palm oil-related products. It has an edible oil bulking facility in Rizhao, Shandong Province.
In a statement to Bursa Malaysia, Sime Darby said the consideration for the proposed transaction was expected to be fully utilised for working capital requirements of the Sime Darby group or to fund RSDOF’s future expansion, if required.
“The proposed transaction offers a good opportunity for Sime Darby to improve its commercial ability and viability in other edible oils in China,” it said.