KUALA LUMPUR (Dec 12):  BIMB Holdings Bhd shares rose 1.87% this morning after it said it is undertaking a group restructuring exercise to unlock significant value for shareholders and transfer its listing status to its subsidiary Bank Islam Malaysia Bhd.

At 9.06am, BIMB rose 8 sen to RM4.36, valuing it at RM7.69 billion.

BIMB said the restructuring will involve a proposed placement of new BIMB shares to raise RM800 million.

It said the proceeds together with internal cash will be used to fully settle BIMB's outstanding sukuk, held by Lembaga Tabung Haji.

Other aspects of the restructuring include a Scheme of Arrangement (SOA) by BIMB to settle its outstanding warrants, whereby BIMB warrant holders would be paid a cash consideration for the cancellation of exercise rights in respect of the warrants.

It also includes an internal reorganisation whereby BIMB will dispose of its entire equity interests in its stockbroking and leasing subsidiaries to Bank Islam, to be settled in cash.