SD Guthrie sets Oct 15 vote on RM418.51m Kulai land sale to Sime Darby Property
SD Guthrie Bhd will seek shareholder approval on Oct 15 for the RM418.51 million sale of 556.96 acres of freehold land in Kulai, Johor, to Sime Darby Property. The plantation group expects a net gain of RM373.36 million from the disposal.
PETALING JAYA (Sept 29): SD Guthrie Bhd will seek approval from its non-interested shareholders on Oct 15 for the proposed RM418.51 million sale of 556.96 acres of freehold land in Kulai, Johor, to Sime Darby Property (Kulai) Sdn Bhd.
In a circular filed with Bursa Malaysia on Tuesday (Sept 29), the plantation group said it signed a conditional sale and purchase agreement on Aug 11 with the buyer, a wholly owned subsidiary of Sime Darby Property Bhd.
The land forms part of SD Guthrie’s Kulai Estate, Kelan Division, in Mukim Senai. It comprises approximately 434.99 acres from Lot 81287, held under GRN 643613, and the entire 121.97-acre Lot 81288, held under GRN 643614. The land is cultivated with oil palms and carries an agricultural land-use category, although it falls within an area zoned for residential use under the prevailing local plan.
The sale price works out to RM17.25 psf. SD Guthrie said it initially sought proposals for a joint industrial park development but received none because of the residential zoning. Two parties instead submitted bids to buy the land outright, with Sime Darby Property making the higher offer.
Independent valuer Rahim & Co assessed the land at RM374.73 million, or RM15.92 psf, excluding an area earmarked for a proposed public infrastructure project. The circular said the sale price psf is 8.35% above the valuer’s assessed rate. The sale price covers 556.96 acres, while the valuation covers 540.40 acres after excluding up to 16.56 acres earmarked for surrender in connection with the proposed Jalan Pintasan Sedenak–Bandar Putra project.
SD Guthrie expects an estimated net gain of RM373.36 million after expenses and real property gains tax (RPGT). It plans to use approximately RM374.09 million of the proceeds to partly repay revolving credit facilities, with the remaining proceeds allocated to estimated RPGT of RM41.51 million and transaction expenses of RM2.90 million.
The disposal is a related-party transaction because AmanahRaya Trustees Bhd, as trustee for Amanah Saham Bumiputera, is a major shareholder of both SD Guthrie and Sime Darby Property. Shareholder approval is required after the disposal is aggregated with SD Guthrie’s earlier related-party transactions. The interested major shareholder, interested directors and persons connected with them will abstain from voting any shares they hold on the resolution.
The extraordinary general meeting will be held at the Malaysia International Trade and Exhibition Centre in Kuala Lumpur and online at 2.30pm on Oct 15. Subject to shareholder and regulatory approvals and the other conditions of the agreement, SD Guthrie expects to complete the sale in the second quarter of 2027.
