KUALA LUMPUR: Sime Darby Plantation Bhd and PTTGC International Private Ltd have divested their 100% collective interest in the Asia Pacific business of Emery Oleochemicals (M) Sdn Bhd and Emery Specialty Chemicals Sdn Bhd to Edenor Technology Sdn Bhd for RM38mil.

       Emery Oleochemicals, Emery Specialty Chemicals and their subsidiaries are a 50:50 joint venture between Sime Darby Plantation and PPTGC International.

       Sime Darby Plantation said in a filing with Bursa Malaysia that the divestment is conditional upon the restructuring of Emery Group into separate standalone groups in respect of its Asia Pacific business, and the North America and Europe business.

       Post restructuring, Emery Group’s Asia Pacific business will remain under Emery Olechemicals and Emery Speciality Chemicals.

       The North America and Europe businesses held under Emery Oleochemicals UK Ltd will be transferred out from Emery Oleochemicals to be held directly by Sime Darby Plantation and PTTGC International on a 50:50 basis.

       Edenor Technology is a 50:50 joint venture company jointly incorporated by Mega First Corporation Bhd and 9M Technologies Sdn Bhd for the purpose of undertaking the proposed acquisition.