KUALA LUMPUR: Sime Darby Bhd's unit has completed the sale of its entire stake in Malaysia Land Development Company Bhd (MLDC) to Datuk Seri Tong Seech Wi for RM1 cash consideration.

It said on Wednesday  Sime Darby Property Bhd had sold the stake, comprising of 5.069 million shares, under the share sale agreement on April 3.

MLDC's core activities are property investment, property management and investment holding.

Sime Darby said the disposal consideration was based on the financial position of MLDC, Genting View Resort Development Sdn Bhd (GVR), a 60%-owned subsidiary of MLDC, and Sime Darby GVR Management Sdn Bhd (SDGVR), a unit of MLDC.

Under the agreement, Tong shall pay to Sime Darby Property, for and on behalf of MLDC,  RM60mil as the full and final settlement of the outstanding shareholder’s loan of RM84.5mil (as at Feb 28, 2017).

The loan was granted by Sime Darby Property to MLDC.