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Sime Darby Plantation disposes stake in S’pore unit for RM37m

01 Jun 2020 / 23:59 H.

PETALING JAYA: Sime Darby Plantation Bhd disposed of its entire 52% equity interest in Verdant Bioscience Pte Ltd to SIPEF and Ackermans & van Haaren NV (AvH) for a cash consideration of US$8.61 million (RM37.4 million) via its indirect wholly-owned subsidiary, Ultra Oleum Pte Ltd on May 29.

Verdant Bioscience is principally engaged in the research and development of life sciences and biotechnology in the areas of plantation science, plant breeding and seed production.

According to the group, Verdant has ceased to be an indirect subsidiary following the disposal.

It pointed out that SIPEF is an existing shareholder of the company with a 38% equity stake and AvH is a company affiliated to SIPEF. Under the disposal, SIPEF acquired an additional 10% equity interest in Verdant Bioscience,m whereas AvH acquired a 42% equity interest in the company from Ultra.

Sime Darby Plantation stated that the disposal is not expected to have any material effect on the earnings, consolidated net assets and consolidated gearing of the group for the financial year ending Dec 31, 2020.

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