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Provider : Affin Hwang Investment Bank Bhd
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Sime Darby Bhd announces acquisition equity stake in LMM Holdings and Brisbane BMW Unit Trust

Sunday, 1 Dec 2013 07:00pm EST 

Sime Darby Bhd:Says Sime Darby Motors Wholesale Australia Pty Ltd (SDMW), an indirect wholly owned subsidiary of the company has on Nov. 29, 2013 entered into a conditional share and unit sale deed (Deed).Says the deed to acquire 70 percent equity stake in LMM Holdings Pty Ltd (LMMH) and 70 percent of units in the Brisbane BMW Unit Trust (BBUT) for a total cash consideration of A$22,699,549.Says upon completion of the share and unit acquisition, Sime Darby will hold an indirect interest of 70 percent shareholding and units in LMMH and BBUT respectively.Says on the same day, SDMW has also entered into Property Sale and Purchase Agreements.Says the agreements with the sellers to acquire the properties, which are necessary for the operations of the businesses, for a total cash consideration of A$58,000,000.Says the details of properties are, 800 Ann Street, Fortitude Valley; 800 Ann Street, Fortitude Valley and 269 Monier Road, Darra.Says the proposed acquisitions are expected to be completed by the end of Feb. 2014 or such other date as agreed by the parties in writing.