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Sindora shareholders approve exchange of estate with Sime Darby

Posted on: March 31, 2009


Bernama – Tuesday, March 31

JOHOR BAHARU, March 30 (Bernama) — Sindora Berhad shareholders today approved the company’s move to exchange its oil palm estates — Sungai Simpang Kiri Estate with Sime Darby Plantations’ Sungai Tawing Estate for RM6 million cash.

The agreement for the exchange of the estates, both in Kluang, was executed by on March 3, Sindora Chairman Tan Sri Muhammad Ali Hashim said.

The 2,371.66ha Sungai Simpang Kiri Estate was valued at RM77.7 million while the 2,132.95ha Sungai Tawing Estate was appraised at RM71.7 million.

“The exchange will enable Sindora to unlock the value of Sungai Simpang Kiri Estate and derive a one-time gain of about RM38.17 million and RM6 million in cash,” he told a press conference after the extraordinary general meeting.

Muhammad Ali said it would benefit Sindora to increase efficiency and synergy within the group that consequently improve its profitability.

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