Sime Darby Berhad (“Sime Darby”) wishes to announce that Sime Darby Industrial Sdn. Bhd. (“SDISB”), an indirect wholly-owned subsidiary of Sime Darby, had, on 4 June 2019, completed the disposal of its 100% equity interest comprising 7,497,167 ordinary shares in Sime Darby Industrial Power Systems Sdn. Bhd. (“SDIPS”) to Cenergi Re Sdn. Bhd. (“Cenergi Re”) pursuant to a Conditional Share Purchase Agreement entered into between SDISB and Cenergi Re. The total consideration of the disposal is RM16.5 million based on potential future earnings of SDIPS.             

SDIPS, a private limited company which was incorporated under the Companies Act 1965 on 20 September 1989, is principally involved in the provision of energy solutions for customers. As at the date of this announcement, the total issued and paid-up share capital of SDIPS is RM7,497,167.00 comprising 7,497,167 ordinary shares.

Cenergi Re, a private limited company which was incorporated under the Companies Act 1965 on 22 November 2011, is an investment holding company and in the provision of operation and maintenance services. As at the date of this announcement, the total issued and paid-up share capital of Cenergi Re is RM250,000.00 comprising 250,000 ordinary shares. Cenergi Re is a wholly-owned subsidiary of Cenergi SEA Sdn. Bhd., an investment holding company and in the development of renewable energy and energy efficiency projects in South East Asia.

Following the disposal, SDIPS ceased to be an indirect wholly-owned subsidiary of Sime Darby.

The disposal of SDIPS is not expected to have a material effect on the earnings or net assets of the Sime Darby Group for the financial year ending 30 June 2019. None of the Directors or major shareholders of Sime Darby or persons connected with them has any interest, direct or indirect, in the disposal.

This announcement is dated 10 June 2019.