The company said in a statement that Elsa marks the launch of the Sime Darby Property Affordable Collection which include high-rise and landed properties priced below RM500,000, located within the Klang Valley
KUALA LUMPUR: The trading of Sime Darby Bhd
will be suspended from 9am on Nov 27 for the listing of its pure plays Sime Darby Plantation Bhd and Sime Darby Property Bhd on Nov 30.
Sime Darby announced on Tuesday the last trading day of Sime Darby on the Main Market of Bursa Securities as the current entity will be on Friday, Nov 25.
The suspension of trading is to facilitate the implementation of the proposed distribution.
The Sime Darby shares will resume trading on the day of listing of SD Plantation and SD Property on the Main Market, which is tentatively on Nov 30.
Earlier, Sime Darby said its share price would be adjusted after the proposed distribution of its entire shareholding in SD Plantation and SD Property. This is to ensure that the total net worth of its shareholders will be the same before and after the proposed distribution.
On Nov 7, the conglomerate provided the listing reference prices of SD Plantation and SD Property at 60%-68% and 16%-19%, respectively, of Sime Darby’s closing share price on the last day of cum entitlement trading.
Sime Darby, which is pursuing a pure-play strategy by listing its plantation and property businesses, explained then that the range for SD Plantation’s listing reference price was wider given its exposure to fluctuations in crude palm oil prices.
Based on Sime Darby’s closing price of RM9.05 on Oct 13 (the last trading day of Sime Darby shares before Oct 15, the last practicable date prior to the circular’s date), the illustrative listing reference prices for SD Plantation will range from RM5.43 to RM6.15, for SD Property from RM1.45 to RM1.72, and for Sime Darby from RM1.18 to RM2.17 (calculated as residual).
The midpoint prices are RM5.79 for SD Plantation, RM1.58 for SD Property, and RM1.68 for Sime Darby.
The listing reference prices of Sime Darby Plantation Bhd (SD Plantation) and Sime Darby Property Bhd (SD Property) will be 60%-68% and 16%-19%, respectively, of Sime Darby’s closing share price on the last day of cum entitlement trading.
In a circular to shareholders dated Nov 4, the conglomerate said its board had taken into consideration several factors in deciding the percentage allocation range.
These include the soon-to-be-listed entities’ trading multiples (price-to-earnings ratio for SD Plantation and price-to-book rsatio for SD Property), Sime Darby Bhd’s market price from Jan 25 (the last trading day prior to the company’s initial announcement on the proposals) and the final dividend of 17 sen per Sime Darby share to be paid on Dec 20.
Sime Darby, which is pursuing a pure-play strategy by listing its plantation and property businesses, explained that the range for SD Plantation’s listing reference price was wider given its exposure to fluctuations in crude palm oil prices.
Based on Sime Darby’s closing price of RM9.05 on Oct 13 (the last trading day of Sime Darby shares before Oct 15, the last practicable date prior to the circular’s date), the illustrative listing reference prices for SD Plantation will range from RM5.43 to RM6.15, for SD Property from RM1.45 to RM1.72, and for Sime Darby from RM1.18 to RM2.17 (calculated as residual).
The midpoint prices are RM5.79 for SD Plantation, RM1.58 for SD Property, and RM1.68 for Sime Darby.
