Kuala Lumpur: Malaysian conglomerate Sime Darby and shipyard group Malaysia Marine and Heavy Engineering have gone into arbitration over a disputed sale of Sime Darby’s oil and gas business, a controversial deal that has been simmering for the last four years.
The dispute dates back to May 2011 when Sime Darby signed an MoU with Petronas and MMHE over the sale of the Teluk Ramunia fabrication yard to Petronas for RM296m and Pasir Gudang fabrication yard to MMHE for RM399m.
The arbitration proceedings are not expected to have a material impact on the earnings and the net assets of the Sime Darby Group for the financial year ending 30 June 2015, the company said in a release to the Kuala Lumpur stock exchange.
