KUALA LUMPUR, Malaysia--Sime Darby Bhd. (4197.KU), Malaysia's automotive-to-plantations conglomerate, said Tuesday that it has reached an agreement to sell its automotive businesses in Australia and New Zealand, which distribute Peugeot and Citroen cars.
The buyers are Inchcape Australia for the Australian business and the Rick Armstrong Motor Group for the New Zealand business. The purchase will take effect on June 1, 2017, according to a press release by Sime Darby.
Patrick McKenna, managing director for Australia and New Zealand at Sime Darby Motors, said the disposal was "in line with Sime Darby Motors' strategy to focus on the expansion of its retail car and commercial truck footprints on both sides of the Tasman."
No financial details was disclosed in the press release.
Shares of Sime Darby were 0.1% lower at MYR9.32 at Tuesday midday break.
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(END) Dow Jones Newswires
May 16, 2017 02:07 ET (06:07 GMT)