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Sime Darby says to restructure group ahead of spinning off units

Reuters

KUALA LUMPUR, Feb 27 (Reuters) - Malaysian conglomerate Sime Darby Bhd said it will undertake a restructuring of the group ahead of the planned spin-off of its plantations and property businesses.

The restructuring will include the group's borrowings, the transfer of certain assets - including land - within the group, and capitalisation of inter-company loans, Sime Darby said in a statement following its second-quarter earnings.

Sime Darby also said it will not own any shares in the two companies that would be spun off.

The conglomerate said in January that it would list its plantations and property units separately on the local stock exchange, while its industrial, motors, logistics and healthcare divisions will remain under Sime Darby Berhad. (Reporting by Emily Chow; writing by A. Ananthlakshmi)