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UEM Group to part with ELV enterprise

Malaysia – Malaysia’€™s UEM Group Berhad is exiting the end-of-life vehicle (ELV) recycling sector by selling the full stake in its Special Builders Sdn Bhd (SBSB) operation. According to the Kuala Lumpur-based company, the divestment is in line with the group’€™s strategy of ‘€˜disposing non-core assets to realign its operations’€™.

The SBSB plant in Bandar Proton, which has scrapped roughly 47 500 vehicles since its launch in 2008, is set to be sold via an open tender process to a qualified Malaysian entrepreneur. UEM Group hopes that this move will ‘€˜offer an opportunity for the acquiring party to tap into the future upside of ELV services in Malaysia’€™.

Apart from wanting to focus on its identified core businesses of expressways, township & property development, engineering & construction and asset & facility management, the Malaysian group also acknowledges that it is pulling out of the ELV market in response to the government’€™s strategy to sell 10 non-core assets to Bumiputera companies.

According to UEM Group, SBSB’€™s buyer must meet certain criteria, including being a 51% Malay-owned and -managed company with relevant experience in the vehicle recycling sector.

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