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Sime Darby acquires 70% stake in Australia-based LMM Holdings

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Sime Darby acquires 70% stake in Australia-based LMM Holdings Empty Sime Darby acquires 70% stake in Australia-based LMM Holdings

Post by Cals Tue 03 Dec 2013, 02:06

Sime Darby acquires 70% stake in Australia-based LMM Holdings
Business & Markets 2013
Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com   
Monday, 02 December 2013 18:36
KUALA LUMPUR (Dec 2): Sime Darby Motors Wholesale Australia Pty Ltd (SDMW), a subsidiary of Sime Darby, plans to acquire 70% of the equity stake in LMM Holdings Pty Limited (LMMH) and 70% of units in the Brisbane BMW Unit Trust (BBUT) for a total of RM66.5 million.

In Sime Darby’s statement to the exchange, it said that it had entered a share and unit sale deed on 29 November 2013 with LMMH, which operates the BMW, MINI and Lamborghini motor dealership businesses in Brisbane, and BBUT, a trust which owns the said dealerships.

On the same day, SDMW had also entered into a property sale and purchase agreement with LMMH and BBUT to acquire three properties for a consideration of RM169.9 million which are necessary for the operations of the businesses, two of which are BMW dealerships in Brisbane.

“The proposed acquisitions will be funded by SDMW through borrowings from its immediate holding company,” said the group in its statement.

SDMW expects the acquisition to be completed by the end of February 2014.
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