KUALA LUMPUR (Aug 29): Sime Darby Property Bhd (SDP) will acquire 948.8 acres of land in Kapar, Selangor from Sime Darby Plantation Bhd in accordance with one of the nine call option agreements (COAs) entered into between both parties in the demerger exercise back in 2017.

In a filing with Bursa Malaysia on Monday, SDP said it has issued a notice to exercise the call option to acquire the Kapar land for RM618 million.

A detailed announcement of the acquisition will be made upon shareholders' agreement in an extraordinary general meeting (EGM) on a date that will be announced later.

The demerger of the Sime Darby group was completed in November 2017, with separate listing of three entities, breaking one of the country’s largest conglomerates into ‘pure plays’ to unlock values of each individual company.