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Sime Darby said to select banks for $900 million car dealer IPO

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Sime Darby said to select banks for $900 million car dealer IPO Empty Sime Darby said to select banks for $900 million car dealer IPO

Post by Cals Tue 12 Aug 2014, 22:57

Sime Darby said to select banks for $900 million car dealer IPO
Business & Markets 2014
Written by Bloomberg   
Tuesday, 12 August 2014 17:44

(Aug 12): Sime Darby Bhd. picked banks including CIMB Group Holdings Bhd. and Deutsche Bank AG to manage a Malaysian initial public offering of its automotive dealership unit, people with knowledge of the matter said.

Malayan Banking Bhd. and Morgan Stanley are also working on the share sale, according to the people. The offering could raise as much as $900 million and take place as early as the first quarter of 2015, two of the people said, asking not to be identified as the process is private.

Sime Darby is seeking to list a business that accounted for 37 percent of sales in the latest financial year, the biggest contributor among a stable of businesses that includes property and plantations, data compiled by Bloomberg show. The unit operates in 10 Asian markets and sells automobiles from 30 brands including BMW and Hyundai, according to its website.

Shares of Sime Darby have slipped 0.3 percent this year, while the benchmark FTSE Bursa Malaysia KLCI Index is down 0.9 percent. The company, which has a market value of 57.5 billion ringgit ($18 billion), said last month a listing of the business is one of many potential actions it’s considering to boost shareholder value.

Sime Darby declined to comment in an e-mailed statement.
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