Sime Darby Revises E&O Sale Consideration to Reflect Industry Outlook
Sime Darby Revises E&O Sale Consideration to Reflect Industry Outlook
27 September 2016
Kuala Lumpur, 27 September 2016 – We refer to our announcement on 3 June 2016 in relation to Sime Darby Nominees Sendirian Berhad’s proposed disposal of 125.978 million shares and all 48.77 million convertible warrants 2015/2019 in Eastern & Oriental Berhad to Paramount Spring Sdn Bhd, a company indirectly and substantially owned by Dato’ Seri Terry Tham Ka Hon.
The parties have mutually agreed that the disposal consideration of RM342.2 million or RM2.60 per stock unit and 30 sen for each convertible warrant be revised to RM323.3 million or RM2.45 per stock unit and 30 sen for each convertible warrant. The disposal consideration has been reviewed to better reflect the current outlook of the property sector.
"We are mindful of the challenging business environment where a slowing global economy and the rising cost of living has affected consumer sentiment. However, both parties are still keen to complete the transaction, leading to a mutually agreed outcome," said President and Group Chief Executive Tan Sri Dato’ Seri Mohd Bakke Salleh.
About Sime Darby
Sime Darby is a Malaysia-based diversified multinational involved in key growth sectors, namely, plantation, industrial equipment, motors, property and logistics. Founded in 1910, its business divisions seek to create positive benefits in the economy, environment and society where it has a presence.
With a workforce of 120,000 employees in 26 countries and 4 territories, Sime Darby is committed to building a sustainable future for all its stakeholders. It is one of the largest companies on Bursa Malaysia with a market capitalisation of RM46.75 billion (USD 11.31 billion) as at 26 September 2016.
For further information, please contact:
Shahriman Johari
External Communications
Group Communications
Sime Darby Berhad
Tel: +(603) 2711 0923
Mobile: +(6019) 333 8320
Email: shahriman.johari@simedarby.com