Malaysia's Sime Darby shelves US$500m motor business IPO plan

[KUALA LUMPUR] Malaysia's Sime Darby Bhd, the world's largest listed palm oil firm, has indefinitely postponed an initial public offering of its automotive business that bankers had said could raise up to US$500 million.

The company had in February deferred the IPO of Sime Darby Motors to the second half of this year but three people with direct knowledge of the matter said the deal had been put off for now.

A Sime Darby spokesman also said the IPO had been deferred until "until the market is conducive for the exercise". He declined to give further details.

Sime Darby hired CIMB Investment Bank, Deutsche Bank, Maybank Investment Bank and Morgan Stanley to work on the IPO last year.

REUTERS