Tan Sri Mohd Bakke Salleh will be Sime Darby Plantation Bhd's executive deputy chairman and managing director
KUALA LUMPUR: Sime Darby Bhd
has novated its rights and obligations under two Islamic programmes to Sime Darby Property Bhd with effect from Sept 29, 2017.
The programmes comprise an Islamic Medium Term Note Programme of RM4.5bil and Islamic Commrcial Paper/Islamic Medium Term Note Programme of RM500mil with a combined master limit of RM4.5bil in nominal value.
Following the novation exercise, the rating status of the Islamic Programmes has been changed to unrated.
The announcement comes as part of Sime Darby's proposed internal restructuring as it pursues a pure-play strategy that involves spinning off its plantation and property businesses as separate listings on Bursa Malaysia.
"The proceeds from any issuances to be made from the Islamic Programmes shall be utilised to finance Sime Darby Property Group’s working capital requirements and general corporate purposes, and/or to finance future investments and/or capital expenditure and/or, if required to refinance debt obligations (whether in whole or in part) of the Sime Darby Property Group," the group said in a filing with Bursa Malaysia.
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