KUALA LUMPUR (Oct 2): Sime Darby Bhd said it has novated its rights and obligations under its Islamic debt papers programmes to its property development arm, Sime Darby Property Bhd.

In a filing with Bursa Malaysia, the company said the rating of the Islamic programmes has been converted to ‘unrated’.

The Islamic programmes comprise an Islamic Medium Term Note programme of RM4.5 billion and an Islamic Commercial Paper/Islamic Medium Term Note programme of RM500 million.

Sime Darby said the proceeds from any issuances to be made from the programmes will be used to finance Sime Darby Property’s working capital requirements and general corporate purposes, and to finance future investments and capital expenditure, as well as to refinance debt obligations.

Maybank IB is the lead arranger for the novation exercise, the filing added.

On Aug 25, Sime Darby announced its plans to distribute shares in its plantation unit Sime Darby Plantation Bhd, and in Sime Darby Property, to its shareholders. For 1 Sime Darby share, a shareholder will obtain 1 Sime Darby Plantation share and 1 Sime Darby Property share.

As at 3.20pm, Sime Darby’s share price stood at RM9.00, down two sen or 0.22%, giving it a market capitalisation of RM61.21 billion. — theedgemarkets.com

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