AsiaGreater ChinaPorts and Logistics
Sime Darby exits China ports scene
Diverse Malaysian conglomerate Sime Darby is exiting the port business in China, selling its stakes in three river ports in Jining in Shandong province for RMB294m.
Sime Darby group chief executive officer Datuk Jeffri Salim Davidson said the decision was part of wider plans to divest non-core assets.
“Operations are facing continued downward pressure on margins due to intense competition from neighbouring ports and additional costs. Given these factors that are impacting the inland port sector in China, we consider the disposal price reasonable,” he added.