From the Star – Sime Darby to dispose oil and gas assets


Dateline 2011-05-28:

A year after suffering massive losses from its oil and gas division, Sime Darby Bhd has taken a decision to exit this business by hiving off its two fabrication yards for RM695mil in cash.

Sime Darby has inked two non-binding memoranda of understanding to sell its Teluk Ramunia fabrication yard to Petronas Nasional Bhd for RM296mil and its Pasir Gudang fabrication yard to Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) for RM399mil.

Sime Darby said the disposals followed a recent “portfolio review” and that for the oil and gas division to move up the value chain and enjoy better returns, “the group would need to further commit its financial resources into a business which is no longer in line with the group’s strategic decision.”

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This entry was posted on Sunday, June 12th, 2011 at 6:00 am and is filed under engineering. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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