KUALA LUMPUR (Oct 5): Sime Darby Bhd’s plantation and property arms have received the Securities Commission Malaysia's (SC) approval for the classification of their shares as syariah-compliant securities.

In a filing with Bursa Malaysia, Sime Darby said the approval was issued by SC’s Shariah Advisory Council in a letter yesterday.

Earlier this week, the group had also novated its rights and obligations under its Islamic debt papers programmes to the plantation and property arms.

The two companies were established under Sime Darby’s restructuring exercise, which involved the creation of three standalone listed entities — Sime Darby Plantation Bhd, Sime Darby Property Bhd and the leaner Sime Darby Bhd itself.

As part of the exercise, Sime Darby on Aug 25 announced plans to distribute shares in Sime Darby Plantation and Sime Darby Property to its shareholders. For one Sime Darby share, a shareholder will obtain one Sime Darby Plantation share and one Sime Darby Property share.

Sime Darby’s share price closed one sen or 0.11% higher at RM9.05 yesterday, giving it a market capitalisation of RM61.55 billion. Year to date, the stock has climbed 11.73%. — theedgemarkets.com

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