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Property News

Sime Darby Property terminates JV with Brunsfield Metropolitan

Senada at KLGCC Resort was the Sime Darby Brunsfield Holding Sdn Bhd joint venture’s final property project. (Sime Darby web pic)

PETALING JAYA: Sime Darby Property Bhd and Brunsfield Metropolitan Sdn Bhd have mutually terminated the Sime Darby Brunsfield Holding Sdn Bhd (SDBH) joint venture (JV).

This decision dissolves the 60:40 JV at book value and the separation is effective today, Sime Darby Property said in a statement today.

Senada at KLGCC Resort was the final property project by the joint venture. The JV’s other projects include Brunsfield EmbassyView and Oasis Ara Damansara.

SDBH is now a wholly-owned subsidiary of Sime Darby Property and will be renamed in due course, the statement said.

“The termination of this JV is not expected to have any material impact on Sime Darby Property’s financial performance,” it added.

Brunsfield Metropolitan is a privately-held property development and construction company that was incorporated in 2001.

At 4.40pm, Sime Darby Property’s shares were half-a-sen or 0.85% higher at 60 sen, giving the group a market capitalisation of RM4.05 billion.

Source: FMT News

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