Weifang, 2 July 2018 - Sime Darby Berhad today announced the proposed divestment of its China-based water management business, Weifang Sime Darby Water Management Co., Ltd (“Weifang Water”) for USD68 million or RMB450 million (approximately RM275 million).
Located two kilometres north of Yangzi Town in the Shandong province, Weifang Water operates two water treatment plants with a total capacity of 140,000m3 a day and has a 220km pipeline network covering two-thirds of the Binhai Economic Development Area.
Weifang Water will be sold to Shandong Water Environment Protection Group Co., Ltd, a local state-owned company which is also involved in the water management business.
The divestment is part of Sime Darby Berhad’s strategy to rebalance its portfolio and focus on its core businesses. The divestment is expected to be completed in the second half of 2018 and the proceeds will be utilised to pare down borrowings and/or to fund the Group’s operations.
About Sime Darby Berhad
Sime Darby Berhad is a global trading and logistics player. We partner with some of the world’s best brands to deliver quality products and services to our customers. Our core businesses operate in and serve the industrial, motors and logistics sectors as well as the healthcare, insurance, and retail segments. Founded in 1910, Sime Darby Berhad today has a workforce of over 20,000 employees in 18 countries and territories across the Asia Pacific region. Sime Darby is committed to delivering a sustainable future for all its stakeholders. It is listed on the main market of Bursa Malaysia with a market capitalisation of RM16.66 billion (USD4.12 billion) as at 29 June 2018.
For further information, please contact:
Tan Yee Pheng
Head, Group Communications
Sime Darby Berhad