Malaysia's Sime Darby Submits Applications to List Plantation and Property Units

By Yantoultra Ngui Features Dow Jones Newswires

KUALA LUMPUR, Malaysia--Malaysian plantations-to-automotive conglomerate Sime Darby Bhd. (4197.KU) said on Monday that it has submitted the relevant applications for the proposed listing of its plantation and property units to the country's Securities Commission.

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The conglomerate, whose plantations arm is the world's largest palm oil producer by land size, in a separate statement also announced the new boards and senior leadership for the two units, Sime Darby Plantation Bhd. and Sime Darby Property Bhd..

Sime Darby said the boards of both companies comprise individuals selected and appointed based on industry experience.

Earlier this year, Sime Darby unveiled plans to create three standalone businesses that will be pure plays in the plantation, property, and trading and logistics sectors, in an effort to unlock shareholder value.

The plantation and property pure plays, in particular, will be spun off and listed on Bursa Malaysia as separate entities. The trading and logistics businesses will remain under Sime Darby, which will retain its listed status.

Sime Darby plans to list the plantation and property units in the end of November, according to its president and group chief executive Mohd Bakke Salleh last month.

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-- Write to Yantoultra Ngui at yantoultra.ngui@wsj.com

(END) Dow Jones Newswires

September 11, 2017 03:35 ET (07:35 GMT)