Four Sime Darby dormant subsidiaries to be wound-up

KUALA LUMPUR (March 1): Four of Sime Darby Bhd’s indirect wholly-owned units that have ceased business operations and are dormant have resolved to being wound-up following their extraordinary general meetings today.

In a filing with Bursa Malaysia today, Sime Darby said the companies comprise Nature Ambience Sdn Bhd (NASB), Sime Darby Bioganic Sdn Bhd (SDB), Sime Darby Julau Plantation Sdn (SDJP) and Vertical Drive Sdn Bhd (VDSB).

The winding-up would not have a material effect on the earnings or net assets of the group for the financial year ending June 30, 2017 (FY2017).

Apart from VDSB which is an investment holding company, NASB and SDJP were involved in the cultivation of oil palm and processing of palm oil and palm kernel, while SDB manufactured palm tocotrienol vitamin E.

The move follows Sime Darby’s proposed standalone listing of its plantation and property under a pure-play strategy.

At 12.30pm, the stock moved up three sen or 0.33% to RM8.99, with 3.8 million shares traded for a market capitalisation of RM61.14 billion. — theedgemarkets.com

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