KUALA LUMPUR, Nov 26 — Kumpulan Jelei Sdn Bhd, an indirect wholly-owned unit of Sime Darby Bhd, has signed a sale and purchase agreement with Permodalan Nasional Bhd (PNB) for the sale and transfer of the redeemable loan stocks it held in Prolintas Expressway Sdn Bhd for RM333.24 million.

Prolintas is an indirect wholly-owned unit of PNB.

In a filing to Bursa Malaysia today, Sime Darby said, the proceeds would be used to repay borrowings.

"The sale and transfer provides a good opportunity for Sime Darby to rationalise its portfolio and monetise its financial assets. We expect this exercise to be completed by December 2017,” it said.

No gain or loss was expected from the exercise, it said.

Sime Darby said the sale and transfer would not have a material effect on its earnings per share, net assets per share, gearing, share capital and its substantial shareholders’ shareholding for the financial year ending June 30, 2018. — Bernama