Updates with details on agreement in paragraphs 2-4

Nov 10 (Reuters) – Malaysian conglomerate Sime Darby SIME.KL said on Friday it will sell its stake in Ramsay Sime Darby Health Care, its Asia-focused healthcare joint venture with Australia’s Ramsay Health Care RHC.AX, for 5.7 billion ringgit ($1.21 billion).

Sime Darby Holdings, a unit of Sime Darby, entered into the sale and purchase agreement with Malaysian hospital chain Columbia Asia Healthcare to mark its exit from the healthcare business.

The deal will enable Sime Darby to unlock the value of its healthcare assets, which have previously been deemed non-core, with a 2 billion ringgit gain on disposal of the stake, the company said in a statement.

Sime Darby expects the agreement to be completed in the third quarter of fiscal 2024.

($1 = 4.7060 ringgit)

(Reporting by Upasana Singh in Bengaluru; Editing by Sonia Cheema)

((Upasana.Singh@thomsonreuters.com;))

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