PublicIn­vest lauds Sime Darby lead­er­ship change

New Straits Times - - Business / News -

KUALA LUMPUR: Pub­lic In­vest­ment Bank Bhd (PublicIn­vest) has lapped up news of Sime Darby Bhd’s new lead­er­ship lineup for its three en­ti­ties, giv­ing the con­glom­er­ate an “out­per­form” call with a tar­get price of RM9.72.

On Fri­day, the group an­nounced new lead­er­ship for Sime Darby Plan­ta­tions Bhd, Sime Darby Prop­er­ties Bhd and Sime Darby Bhd.

Sime Darby’s de­merger ex­er­cise will see sep­a­rate list­ings of plan­ta­tion and prop­erty units while other units like in­dus­trial, mo­tor and lo­gis­tics busi­nesses will re­main un­der the Sime Darby group.

“The man­age­ment changes would see Sime Darby’s cur­rent group chief ex­ec­u­tive of­fi­cer Tan Sri Mohd Bakke Salleh be­come Sime Darby Plan­ta­tion’s ex­ec­u­tive deputy-chair­man and manag­ing di­rec­tor.

“Sime Darby will see a new pres­i­dent and group chief ex­ec­u­tive, led by Jef­fri Salim Davidson, who is the cur­rent deputy group chief fi­nan­cial of­fi­cer of the group.

“Mean­while, both plan­ta­tion and prop­erty units are on course for list­ing by year-end,” said PublicIn­vest in a re­search note.

It added that for its prop­erty unit, Per­modalan Na­sional Bhd group chair­man Tan Sri Ab­dul Wahid Omar has been named as chair­man of Sime Darby Prop­erty.

“Sime Darby’s deputy chair­man Tan Sri Dr Wan Ab­dul Aziz Wan Ab­dul­lah has been pro­moted to be­come group chair­man, while Jef­fri Salim Davidson will be­come its pres­i­dent and group chief ex­ec­u­tive.

“It is im­por­tant to have the right lead­er­ship to max­imise the value of each en­tity given the size­able as­sets that both com­pa­nies have,” said PublicIn­vest.

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