Swedish security solutions group Gunnebo AB (STO:GUNN) said on Thursday it had agreed to sell-off its 30% stake in Chubb Malaysia to Sime Darby Energy Sdn Bhd, the owner of the other 70% in the physical security products provider.
Under the terms of the transaction, Sime Darby Energy will get €2m ($2.5m) for its interest in Chubb Malaysia and it expects the disposal to bring it a small capital gain, it said.
Commenting on the sale, Gunnebo’s president and CEO Per Borgvall said the Swedish group has plans to set up it own sales company in Malaysia in the near future, as it sees the market very interesting for physical security, entrance control and cash handling services.
It will also continue a business relationship with Chubb Malaysia, which supplies Gunnebo with safes, the CEO explained.
The deal is expected to wrap up sometime in September 2012, after securing regulatory approvals.
Chubb Malaysia supplies security products to banks and financial institutions, government facilities, commercial and industrial entities and high-risk retail businesses such as goldsmiths and jewellers shops.
Gunnebo designs, makes and sells security products covering segments Bank Security and Cash Handling, Entrance Control and Secure Storage. It also offers product-related and standalone services to its customers.