BUSINESS > NEWS

SIME DARBY PROPERTY PROPOSES INTERNAL REORGANISATION TO STREAMLINE BUSINESS STRUCTURE

06/06/2024 09:21 PM

KUALA LUMPUR, June 6 (Bernama) -- Sime Darby Property Bhd (SDP) has proposed an internal reorganisation to streamline its structure into separate identifiable business streams to better reflect the group’s diverse operations and achieve a leaner corporate structure.

SDP said that under the proposal, its property development business will be transferred to Sime Darby Property (Bukit Jelutong) Sdn Bhd, Sime Darby Property (City of Elmina) Sdn Bhd, Sime Darby Property (Lagong) Sdn Bhd, MVV Holdings Sdn Bhd and Sime Darby Property (H&L) Sdn Bhd.

Meanwhile, the management services business will be transferred to SDP (Management Services) Sdn Bhd.

“Upon completion of the proposed internal reorganisation, SDP will operate purely as an investment holding company,” SDP said in a filing with Bursa Malaysia today.

Currently, SDP is principally involved in property development business, management services business and acting as the listed investment holding company of the group.

SDP said it has entered into reorganisation agreements with its subsidiaries by way of a members’ scheme of arrangement under Sections 366 and 370 of the Companies Act, 2016, and the proposal is subject to the approval of shareholders and relevant authorities.

According to the company, the proposed exercise is expected to be completed in the fourth quarter of 2024, and the move is not expected to have a material effect on the earnings and earnings per share for the financial year ending Dec 31, 2024.

-- BERNAMA

 

 


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