Synergy Drive News Release January 24, 2007Posted by elizabethwong in Current Affairs, Economy, Malaysia, Note2Self, Politics.
News Release January 24, 2007
Synergy Drive enters SBA with Sime, Guthrie & GHope
Kuala Lumpur, January 24 – Synergy Drive Sdn Bhd today signed the Sale of Business Agreement (SBA) with Sime Darby Berhad, Golden Hope Plantations Berhad and Kumpulan Guthrie Berhad group of companies, to acquire all their businesses including assets and liabilities.
The SBA was signed ahead of the January 29, 2007 deadline, and follows the acceptance by the boards of all eight listed companies last month for Synergy Drive’s RM 31 billion merger proposal to create a major conglomerate that will also house the world’s largest listed palm oil plantation company.
Synergy Drive said the SBA formalizes the terms of the company’s offer made on November 27, 2006 as well as setting out the mechanics for completion of the merger exercise, which is subject to shareholders’ and regulatory approvals.
Under the stewardship of the MIC*, Synergy Drive will now commence a due diligence exercise on the eight companies and faciliate all plans and documentation for shareholders’ and regulators’ consideration.
Upon completion of the merger, Synergy Drive, whose advisors are CIMB Investment Bank Berhad and law firm Kadir Andri and Partners, would be listed on the Main Board of Bursa Securities whilst target companies would be de-listed. The deal is expected to be completed by the fourth quarter of 2007. (ends)
*Note2Self: Merger Integration Committee (MIC) headed by Sime Darby Bhd group chief executive Datuk Ahmad Zubir Murshid, who will be the chief executive-designate. Former PricewaterhouseCoopers Malaysia executive chairman Raja Datuk Arshad Raja Tun is its deputy chairman while Synergy Drive chairman Tan Sri Md Nor Yusof chairs. Other members are Golden Hope’s Datuk Sabri Ahmad, Guthrie’s Datuk Abdul Wahab Maskan, former auditor general Tan Sri Hadenan A Jalil, Consolidated Plantations Bhd former managing director Datuk Mohamed Sulaiman and Azmi & Associates partner Azmi Mohd Ali. (Ref.)