KUALA LUMPUR: Sime Darby Bhd and I&P Group Sdn Bhd have entered into related party transactions to exchange assets that would result in a better strategic fit for the respective companies. Sime Darby Property Sdn Bhd, wholly-owned by Sime Darby, expects to unlock the value of the Semenyih land to fund strategic property development projects, it said. GRC is 78.7%-owned by Sime Darby Property while PGSB is a wholly-owned unit of I&P. YPR, involved in cultivating and marketing oil palm fruits, and palm oil processor PMSB, are indirect wholly-owned subsidiaries of I&P Group. Sime Darby shares closed down two sen or 0.26% at RM7.79 yesterday with a market capitalisation of RM49.3 billion.

Source: The Edge Markets October 07, 2016 01:41 UTC