Sime’s plan to reduce RM19.7bil debt; may monetise assets, place out shares

KUALA LUMPUR: Sime Darby Bhd, which has businesses ranging from plantations to automobile distributorships, may monetise its assets or place out shares to targeted groups in efforts to pare down debt of RM19.7bil, which has risen as a result of the acquisition of Port Moresby-based New Britain Palm Oil Ltd (NBPOL).

Its president and group chief executive Tan Sri Mohd Bakke Salleh said at a media briefing following the release of its first-quarter ended Sept 30 financial results that other options included a rights issue. This was being studied by asset manager Permodalan Nasional Bhd (PNB), which controls Sime Darby.