KUALA LUMPUR (June 7): Shares in Sime Darby Property Bhd (KL:SIMEPROP) notched another fresh six-year high in active trade on Friday, after the real estate developer announced an internal reorganisation.
The stock edged up 3% or four sen to RM1.34, its highest since January 2018, before paring gains to trade at RM1.33 per share at 9.20am, valuing the company at over RM9 billion on Bursa Malaysia. More than 2.1 million shares changed hands.
The counter has surged over 120% year-to-date. There are 12 'buy' calls and three 'hold' ratings from analysts, with a 12-month target price of RM1.43, indicating a potential 4.4% upside from the current share price.
Sime Darby Property on Thursday said that it is planning an internal reorganisation, so that the company can function solely as an investment holding company.
Currently, Sime Darby Property is principally involved in the property development and management services businesses, while acting as the listed investment holding company of the group.
The group wants to streamline the company's structure into separate business streams to better reflect its diverse operations.
The internal reorganisation will involve transferring selected assets, liabilities, and business activities to wholly owned subsidiaries.
