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Sime to invest RM97.7mil in US biotech company Verdezyne

29/04/2014 by

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Sime Darby Bhd is acquiring a substantial stake in United States-based industrial biotechnology company Verdezyne Inc to pursue strategic growth areas for its plantation business.

Sime Darby president and group chief executive officer Tan Sri Mohd Bakke Salleh said in a statement that “Sime Darby is taking strategically measured steps to build and nurture a sustainable portfolio of palm-related industrial biotechnology companies.

“There are exciting opportunities, which can leverage on our substantial plantation assets, and we are keen to capitalise these for future growth.”

A newly established unit under its subsidiary, Sime Darby Plantation Sdn Bhd - Sime Darby Renewables – would spearhead the initiative that would focus on converting traditional and non-traditional palm-based commodities into products of higher value.

This article has been extracted from http://www.thestar.com, please click on this link to read the article in full http://www.thestar.com.my/Business/Business-News/2014/04/29/Sime-to-invest-in-Verdezyne-It-will-buy-30-of-US-biotech-company-for-RM982mil/

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