Stake sale starts restructuring of Sime Darby travel businesses

Sime Darby Hong Kong (SDHK) plans to sell its 70 per cent stake in Westminster Travel to Sime Wings, an unlisted wholly owned subsidiary of its parent, Sime Darby. In return, it will receive 23.54 million new shares - worth $105.7 million - of Malaysian-based Sime Wings, or about 33.2 per cent of the enlarged share capital. SDHK says the disposal will generate a profit of about $80 million and facilitate a restructuring of its parent's travel and travel-related activities within Sime Wings.