Sime Darby Engineering Sdn Bhd is selling its two fabrication yards for a total of RM695 million, which was above the RM641 million book value of the assets as at 31 March 2011.It said on Friday, March 27 it was selling its Teluk Ramunia fabrication yard to Petroliam Nasional Bhd for RM296 million cash.
It was also selling its Pasir Gudang fabrication yard to Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE) for RM399 million cash.
“The decision to dispose of the assets was made following the completion of the group’s portfolio review exercise,” it said.