KUALA LUMPUR: Sime Darby Bhd has decided to spin off its plantation and property businesses by listing the two units separately on Bursa Malaysia through share distribution to existing shareholders. The listing exercises of the two units, Sime Darby Plantation Bhd and Sime Darby Property Bhd, which the group targets to take place by early next year, will not involve issuance of new shares for sale to raise fresh capital. “Sime Darby’s holdings in Sime Darby Plantation and Sime Darby Property will be distributed to shareholders of Sime Darby, according to their respective shareholding proportions,” explained its president and group chief executive Tan Sri Mohd Bakke Salleh at the financial results briefing yesterday. Upon completion of the exercises, Sime Darby will house the industrial, motors, logistics businesses and others. It will not own any equity stake in Sime Darby Plantation or Sime Darby Property.

Source: The Edge Markets February 28, 2017 00:45 UTC