IslamicFinance.de

#Malaysian holding company Sime Darby has received approval from its bondholders to restructure US$800mil (RM3.46bil) worth of sukuk. Holders of the sukuk approved the company’s plan to buy back the papers or replace the borrower to Sime Darby Plantation from Sime Darby. The broader reorganisation of the group involves the proposed listing of Sime Darby Plantation and Sime Darby Property through share distributions. Sime Darby will remain listed, owning the automotive, industrial equipment and logistics businesses. The holding company plans to create three standalone businesses: plantation, property and trading, and logistics. Plantation and property would be listed on Bursa Malaysia, while trading and logistics would remain under Sime Darby.

Sime Darby Bhd has been approved by the Securities Commission for its proposed US$1.5bil multi-currency sukuk issuance programme. The programme is seen as a significant landmark since it is first internationally rated multi-currency syariah-compliant sukuk programme by an Asian corporate. The ratings of Sime are A, A and A3 by Standard & Poor's Rating Services, Fitch Ratings Ltd and Moody's Investor Service, Inc.