Sime Darby Hopes to List Two Units in Malaysia Before End-2017

Malaysian conglomerate Sime Darby Bhd. (4197.KU) hopes to list both its property and palm-oil plantation units before the end of this year, its president and group chief executive said Wednesday.

"We would like to complete this exercise before the December break," Mohd Bakke Salleh told reporters at a briefing for Sime Darby's third-quarter earnings.

Sime Darby plans to submit listing documents to Malaysia's stock exchange operator and regulator in the third quarter of this year, he said.

Earlier Wednesday, the company reported a 5.4% year-over-year rise in net profit for in the three months ended March, mainly driven by improved performance at its plantation, industrial and motor businesses.

The conglomerate, which also runs hospitals, first announced its plan to spin off its property and palm-oil plantation units at the end of February.

Sime Darby's plantation unit is the world's largest oil-palm planter by area.

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

(END) Dow Jones Newswires

May 31, 2017 04:26 ET (08:26 GMT)