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Update Sime Darby selling its Thai power assets for US$163m (RM523m)

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Update Sime Darby selling its Thai power assets for US$163m (RM523m) Empty Update Sime Darby selling its Thai power assets for US$163m (RM523m)

Post by Cals Tue 17 Jun 2014, 01:20

Update Sime Darby selling its Thai power assets for US$163m (RM523m)
Business & Markets 2014
Written by Chong Jin Hun of theedgemalaysia.com   
Monday, 16 June 2014 18:28

KUALA LUMPUR (June 16): Sime Darby Bhd is selling its power assets in Thailand to B.Grimm Power Ltd for US$162.9 million (RM523.9 million) cash.

In a statement to Bursa Malaysia today, Sime Darby said its indirect wholly-owned subsidiaries Sime Darby Energy Pte Ltd (SDE) and Sime Darby Far East (1991) Ltd (SDFE) had signed a sale and purchase agreement (SPA) with B.Grimm.

Under the SPA, SDE is selling the entire stakes in Sime Darby Power Co Ltd (SDPC), Sime Darby LCP Power Co Ltd (SDLP) and Sime Darby O&M (Thailand) Co Ltd (SOMT) to B.Grimm for US$126.7 million.

SDPC and SDLP produces and sell electricity and steam within the Laem Chabang Industrial Estate in Chonburi while SOMT is involved in power plant operation and maintenance.

Meanwhile, SDFE is disposing of its receivable due from SDLP, by virtue of a loan agreement between both companies, to B.Grimm for US$36.2 million.
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