Listing reference prices of Sime Darby units set

By NG MIN SHEN

The listing reference prices for the ordinary shares of Sime Darby Plantation Bhd (SD Plantation) and Sime Darby Property Bhd (SD Property) have been fixed at RM5.59 and RM1.50 respectively, based on Sime Darby Bhd’s closing price of RM8.94 on Nov 24, 2017.

In an exchange filing last Friday, SD Plantation said the listing reference price of RM5.59 per share represents 62.5% of the last closing price of Sime Darby shares, which falls within the range of between 60% and 68% to be applied to the last closing price of Sime Darby.

SD Property said in a separate filing that its listing reference price of RM1.50 per share represents 16.8% of the last closing price of Sime Darby shares, which falls within the range of between 16% and 19% to be applied to the last closing price of Sime Darby.

These were the ranges stated in the circular distributed to Sime Darby shareholders dated Nov 4.

Meanwhile, the adjusted price of Sime Darby shares when securit ies of Sime Darby resume trading on Nov 30, has been set at RM1.85, based on the last closing price of Sime Darby shares on Nov 24.

The price was calculated as the residual after deducting the listing reference price of SD Plantation shares and SD Property shares from the last closing price.

The adjusted price of Sime Darby shares includes the final dividend of 17 sen per Sime Darby share payable on Dec 20, which was announced by the conglomerate on Oct 23.

Shares of SD Plantation and SD Property will be credited into the Central Deposity System accounts of the entitled shareholders of Sime Darby on Nov 29 and will be listed on the Main Market of Bursa Malaysia Securities Bhd from 9am on Nov 30.

Sime Darby announced last Tuesday that trading of its shares would be suspended for three days beginning 9am on Nov 27, to make way for its demerger involving the listing of its property and plantation divisions as separate entities on Bursa Malaysia.

Shares in SD Plantation and SD Property will be distributed to existing Sime Darby stakeholders post-demerger.

Upon completion of the distribution, the entitled shareholders will hold SD Plantation and SD Property shares in the same proportion as their shareholdings in Sime Darby.

Sime Darby closed the counter one sen, or 0.11%, higher at RM8.94 last Friday for a market capitalisation of RM60.8 billion, with 36.64 million shares done.