Malaysian conglomerate Sime Darby Bhd is considering listing its auto business in July or August next year, its chief executive said on Friday. CEO Mohd Bakke Salleh declined to give details about the size or value of the proposed initial public offering of the autos unit which accounted for nearly 37 percent of Sime Darby's group revenue in the financial year that ended June 30, 2014.In August, people familiar with the matter said Sime Darby had already hired CIMB Group Holdings, Deutsche Bank AG, Maybank and Morgan Stanley to arrange the listing by the second quarter of next year and estimated it could raise $500 million."We're not legally bound to do a listing ... if the business climate is not good, we will put it on hold," Mohd Bakke told reporters after the company announced its first quarter earnings.Sime Darby is the world's top palm oil planter by landbank size. Its autos division operates in six countries including China and Australia, distributing mostly high-end brands such as Jaguar and Ferrari.
Deutsche Bank AG is a global investment bank. The Company offers a variety of investment, financial and related products and services to private individuals, corporate entities and institutional clients around the world. Shares of DB traded higher by 1.17% or $0.38/share to $32.88. In the past year, the shares have traded as low as $29.24 and as high as $51.99. On average, 1827270 shares of DB exchange hands on a given day and today's volume is recorded at 2201355.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS fell by 0.51% or $-0.18/share to $35.12. In the past year, the shares have traded as low as $28.31 and as high as $36.44. On average, 9909070 shares of MS exchange hands on a given day and today's volume is recorded at 6138841.
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