Officials familiar with the deal said that the management might not be keen to issue the perpetual debt paper if there was any downgrade on Sime Darby
KUALA LUMPUR: Conglomerate Sime Darby Bhd
saw a total of 27.89 million shares traded off-market on Monday afternoon.
Stock market data showed the shares, which represent 0.41% of its total paid-up of 6.80 billion shares, were crossed at an average price of RM9.35. This was five sen below the last traded price of RM9.40 on Friday.
Sime major shareholders are Skim Amanah Saham Bumiputera which owns 5.887 billion shares, the Employees Provident Fund Board 1.349 billion units and Permodalan Nasional Bhd 784.95 million shares.
Kumpulan Wang Persaraan owns 733.99mil and Lembaga Tabung Haji 350.18 million shares.
Late last year, Sime stated that the conglomerate would be carved up into three parts – Sime Darby Plantations Sdn Bhd, Sime Darby Property Bhd and Sime Darby Bhd, which would retain the group’s industrial, motor and logistics businesses. It was a move to create more value for the shareholders.
An integral part of the exercise was that the group would undertake an internal exercise involving the restructuring of borrowings, the transfer of assets and the capitalisation of inter-company loans.
The corporate exercise would also involve the redistribution of shares in the newly-listed entities for Sime’s existing shareholders.
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