SD Plantation completes disposal of 51% equity in Vietnam’s GHNB


Sime Darby Plantation Bhd’s (SD Plantation) wholly owned subsidiary, Golden Hope Overseas Sdn Bhd (GHOSB), has completed the disposal of its entire 51% equity interest in Golden Hope-Nha Be Edible Oils Co Ltd (GHNB) to Kido Group Corp for a total cash consideration of 45.9 billion Vietnamese dong (RM8.2 million).

The completion of the deal followed the capital contribution transfer agreement  entered into between GHOSB and Kido on Nov 29, 2018.

SD Plantation noted in an exchange filing yesterday that the proceeds will be utilised to fund the group’s general corporate and working capital requirements.

It added that the disposal is not expected to have a material effect on the earnings, consolidated net assets and consolidated gearing of SD Plantation for the financial period ending Dec 31, 2018.

Following completion of the disposal, GHNB ceased to be an indirect subsidiary company of SD Plantation. Notwithstanding the disposal, SD Plantation will continue to serve its business-to-business multinational customers in Vietnam.