Shandong Chenming Paper Holdings Limited (SZSE:200488) entered into agreement to acquire Weifang Sime Darby West Port Co Ltd from Weifang Sime Darby Port Co., Ltd. and Sime Darby Overseas (HK) Limited for CNY 38.6 million on January 6, 2017. Weifang Sime Darby Port Co., Ltd. and Sime Darby Overseas (HK) Limited will sell 1% and 49% respectively. The transaction is subject to approval of relevant authorities and other conditions. The transaction is expected to close in first half of 2017. The net proceeds to be received are expected to be utilized as working capital or to fund other expansion projects of the logistics division of Sime Darby. The transaction will not have a material effect on the earnings or net assets of the Sime Darby Group for the financial year ending June 30, 2017.