KUALA LUMPUR, Dec 9 — Sime Darby Plantation Bhd’s shares were up in the morning session today after announcing the disposal of its Liberian operations.
At 11.43 am, Sime Darby Plantation shares gained two sen to RM5.30 with 1.67 million shares changing hands.
In a filing with Bursa Malaysia on Friday, Sime Darby Plantation said it was divesting its entire stake in Sime Darby Plantation Liberia Inc (SDPL) to Mano Palm Oil Industries (MPOI).
It said the exercise had been approved by its board of directors and consented to by the Government of Liberia.
“This decision is part of Sime Darby Plantation’s current asset monetisation exercise, which includes the divestment of underperforming assets or assets that have achieved its full value potential for disposal,” it said.
It said the sale and purchase agreement would be signed by the end of this year, with the transaction to be completed in the first quarter of next year.