Sime Darby Divests 30% Stake in Tesco Malaysia for MYR300 Million
April 22 2020 - 7:00AM
Dow Jones News
By Chester Tay
Sime Darby Bhd. said it is divesting its 30% stake in Tesco
Stores (Malaysia) Sdn Bhd for 300 million ringgit ($68.3
million).
Sime Darby said in a stock exchange filing Wednesday that its
wholly-owned subsidiaries Sime Darby Allied Products Bhd and Sime
Darby Holdings Bhd have entered into conditional agreements with
C.P. Retail Development Company Ltd, Tesco Holdings B.V. and Tesco
PLC for the stake disposal.
Sime Darby expects an estimated net gain of MYR270 million from
the sale of its stake in Tesco Malaysia, a joint venture it has
held since 2001.
The proposed stake disposal is expected to be completed in the
second half of 2020.
The stake disposal is part of a larger deal between Tesco PLC
and Thailand's C.P. Group signed in March 2020, to sell Tesco PLC's
businesses in Thailand and Malaysia for an enterprise value of
$10.6 billion.
Write to Chester Tay at chester.tay@wsj.com
(END) Dow Jones Newswires
April 22, 2020 06:45 ET (10:45 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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