Sims (AU:SGM) has released an update.
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Sims Limited has successfully completed the sale of its UK Metal business to Unimetals Limited, with initial cash proceeds of around £40 million and an estimated £182 million to follow. This strategic move allows Sims to concentrate on markets with higher demand, like the US, Australia, and New Zealand, with plans to use the proceeds to strengthen its balance sheet and continue rewarding its shareholders. The transaction also includes the transfer of lease liabilities and a phased payment plan for the residual asset value.
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