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Malaysia's Sime Darby buys Thai firm for US$25 million
Publication Date : 24-06-2014
Sime Darby Limited is acquiring a 99.99 oer cent stake in Thailand-based Industrial Enterprises Co Ltd (IEC) for 80.4 million ringgit (US$25 million), as part of its expansion plan to fast-track its presence into the greater Mekong sub-region.
Sime Darby told Bursa Malaysia yesterday that its wholly-owned subsidiaries Sime-Morakot Holdings (Thailand) Ltd and Sime Darby Plantation Europe Ltd had entered into a conditional sale and purchase agreement with Sub Sri Thai Public Co Ltd to acquire IEC.
“The proposed acquisition is expected to be completed by the middle of July or such other date as agreed by the parties in writing,” said Sime Darby, adding that the acquisition would not have any material effect on its earnings or net assets for the current financial year ending June 30.