Thursday 28 Mar 2024
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KUALA LUMPUR (Feb 26): Sime Darby Bhd will defer the listing of its automotive arm to the second half of this year, said its president and group chief executive Tan Sri Mohd Bakke Salleh.

Mohd Bakke told reporters at Sime Darby's financial results media briefing that the market is "not conducive" for a listing right now.

"For any listing, it has to achieve the best valuation," he added.

It was reported earlier that the listing of Sime Darby’s automotive arm, which deals with brands such as Hyundai, BMW, Ford and so on in the region, was scheduled for the first half of this year. It was said the initial public offering could raise about US$500 million.

Meanwhile, on news that Tan Sri Liew Kee Sin has tendered his resignation as the chairman of Battersea Project Holding Company Ltd (BPHC), Bakke said there was "nothing official" on this, denying that the board of BPHC has received Liew's resignation letter.

Liew was quoted by a local news report as saying he had tendered his resignation in BPHC, and was “waiting for a response” from the latter’s board.

Sime Darby (fundamental: 1.3; valuation: 1.3) holds a 40% stake in BPHC — the consortium that undertakes the GBP8 billion Battersea Power Station redevelopment project in London.

SP Setia Bhd and the Employees Provident Fund hold 40% and 20% stake respectively in BPHC.

Sime Darby fell 13 sen or 1.4% to RM9.37, with a market capitalisation of RM59 billion.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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