Sime Darby’s Papua Guinea subsidiaries consolidated to a single entity

-A +A

KUALA LUMPUR (Apr 3): Sime Darby Bhd has announced that five of its subsidiaries in Papua New Guinea will be consolidated into a single entity, New Britain Palm Oil Limited (NBPOL).

In a filing with Bursa, it announced that there will be a reorganisation of the five subsidiaries, namely NBPOL, Vitroplant Orangerie Bay Ltd (VOBL), Plantation Contracting Services Limited (PCSL), New Britain Tankers Limited (NBTL) and New Britain Nominees Limited (NBNL), by way of an amalgamation pursuant to the Companies Act, 1997 of Papua New Guinea.

It said that the amalgamation will resulted in all assets and liabilities of VOBL, PCSL, NBTL and NBNL being transferred to NBPOL, and the registration of VOBL, PCSL, NBTL and NBNL on the Companies Register in Papua New Guinea being cancelled on the same date.

No material effect on the earnings of net assets of the Group for financial year ending June 30, 2017, from the amalgamation exercise, it added.

As of noon, Sime Darby’s share price was unchanged at RM9.28 with 1.1 million shares traded.