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Malaysia's Sime Darby to sell real estate assets in Australia, Singapore

Wednesday, February 24, 2016 - 16:30

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Chief Executive Mohd Bakke Salleh said the company hoped to raise up to RM1.8 billion (US$426.54 million) from the sale. "We expect to wrap it up by March," he said at a news conference on Wednesday.

[KUALA LUMPUR] Malaysia's Sime Darby Bhd, the world's largest palm oil planter by land size, said on Wednesday it was looking to sell its real-estate assets in Australia and Singapore, in what is seen as a move to cut down on debt.

Chief Executive Mohd Bakke Salleh said the company hoped to raise up to RM1.8 billion (US$426.54 million) from the sale. "We expect to wrap it up by March," he said at a news conference on Wednesday.

Sime Darby owns 13 properties in Australia and three in Singapore.

The conglomerate reported a 22 per cent drop in second quarter profit earlier in the day, as it struggled with weak commodity prices and consumer demand.

Bakke also said palm oil prices were likely to trade at between RM2,500 per tonne and RM2,700 per tonne until end-March.

REUTERS

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