Sime Darby Motors Wholesale Australia Pty Ltd, a unit of Sime Darby Bhd, has agreed to buy a 70% stake in an Australian car dealer and its trustee for AUD22.7 million (USD20.75 million). This was according to a report published by The Wall Street Journal.
Sime Darby bought the said stake from Brisbane BMW Unit Trust and its trustee LMM Holdings Pty Ltd. The dealer retails BMW, Lamborghini, and MINI vehicles in Australia, the report stated.
In addition to the purchased stake, Sime Darby Motors will also buy several properties needed for the operation of the business. In a statement to the Malaysian stock exchange, the company pegged the value of the properties at AUD58 million, The Wall Street Journal reported.
Sime Darby is one of the largest companies listed in the Malaysian bourse. The firm has a market capitalization of USD17.92 billion as of November 2013. One of its units, Sime Darby Motors, is a key player in Asia Pacific's automotive industry. The said unit has presence in eight countries, according to Sime Darby's website.
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