Sri Lanka’s listed Shalimar and Indo Malay to sell two estates


June 16, 2016 (LBO) – Sri Lanka’s listed Shalimar and Indo Malay have entered into a deal to sell two estates to a Malaysian company subject to certain conditions.

Following the shareholder approval obtained at the EGM held last month, the directors have executed a sale and purchase agreement with Euro-Asia Brand Holding Company, a subsidiary of Hap Seng Consolidated Berhad.

Hap Seng Consolidated is a non-related public listed company in the main market of Bursa Malaysia Securities Berhad.

Shalimar (Malay) has agreed to sell their Shalimar estate for 121 million Malaysian ringgits and Indo Malay is to sell their Berjuntai estate for 107 million Malaysian ringgits.

Shalimar and Indo Malay are subsidiaries of Goodhope Asia Holdings whose ultimate parent company is Carson Cumberbatch.

In 2009, Carson Cumberbatch initiated an internal restructuring of its businesses to consolidate its plantation sector investments in both Malaysia and Indonesia under a regional holding company, Goodhope Asia Holdings.