Sime Darby no to undersea cable project

SIME Darby Bhd, the world’s largest palm oil producer, pulled out from taking up a stake in the Bakun Hydroelectric project because it didn’t “fit” in with the company’s business strategy.

Sime Darby will still be the contractor of the dam, it said in a statement today.

Sime Darby will not invest in a company to be set up for the laying of undersea cable project in Sarawak to Peninsular Malaysia, it said.

The company in November won government approval to own 60 per cent of the dam. - Agencies