KUALA LUMPUR, Malaysia--Shares of Malaysia's automotive-to-plantations conglomerate Sime Darby Bhd. (4197.KU) will be suspended on Nov. 27 to facilitate the distribution of shares as part of its de-merger, according to a local stock-exchange filing on Tuesday.
The announcement comes a day after shareholders of Sime Darby, whose plantations' arm is the world's largest palm-oil producer by land size, approved the de-merger exercise at an extraordinary general meeting.
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The de-merger entails the separate listings of its units Sime Darby Plantations Bhd. and Sime Darby Property Bhd. in addition to itself. Shares of the two new companies will be distributed to Sime Darby's shareholders, and the shareholders will own shares in the two new companies in the same proportion as their holding in Sime Darby.
Sime Darby said in the filing that its shares would resume trading on the day of Sime Darby Plantation and Sime Darby Property's listings, which is tentatively Nov 30.
Shares of Sime Darby ended Tuesday 0.22% lower at MYR8.97 after the announcement.
(END) Dow Jones Newswires
November 21, 2017 04:42 ET (09:42 GMT)