SDP sells Singaporean unit for RM37.4m

By TMR / Pic BLOOMBERG

SIME Darby Plantation Bhd’s (SDP) indirect wholly-owned subsidiary, Ultra Oleum Pte Ltd has sold its entire 52% equity interest in Verdant Bioscience Pte Ltd (VBS) to SIPEF and Ackermans & van Haaren NV (AvH) for RM37.4 million.

The disposal is not expected to have any material effect on its earnings, net assets and gearing for the financial year ending Dec 31, 2020, SDP noted in its exchange filing yesterday. Belgian firm SIPEF, of which AvH is an affiliate, is an existing shareholder of VBS with a 38% stake.

Via the transaction, SIPEF acquired an additional 10% in VBS while the remaining

42% was sold to AvH from Ultra. VBS is a Singaporean firm involved in life sciences and biotechnology research and development in plantation science, plant breeding and seed production.

It also provides management services to its 94%-owned Indonesian rubber and oil palm subsidiary PT Timbang Deli Tbk.