<article><a class="knx-trackable" style="color: #000080;" href="http://www.simedarby.com/default.aspx" target="_blank">Sime Darby Bhd</a> has postponed indefinitely its plans for an initial public offering (IPO) of its automotive business, according to sources.</article>

<a class="knx-trackable" style="color: #000080;" href="http://www.simedarby.com/default.aspx" target="_blank">Sime Darby Bhd</a> has postponed indefinitely its plans for an initial public offering (IPO) of its automotive business, according to sources.
When news broke that Sime Darby was planning the automotive unit listing, bankers had estimated it could raise up to $500 million.
In February, the group had announced a deferment of the IPO of <a style="color: #000080;" href="http://www.simedarbymotors.com/" target="_blank">Sime Darby Motors</a> to the second half of this year, citing unsuitable market sentiment.
CEO Bakke Salleh had told reporters then that the group will put the listing plans on hold should market environment be unfavourable.
The Edge Financial Daily reported that three people with direct knowledge of the matter said the deal had been put off for now.
A Sime Darby spokesman said the IPO had been deferred &#8220;until the market is conducive for the exercise&#8221; but declined to give further details.
Sime Darby Motor operates in six countries including China and Australia, distributing mostly high-end brands such as Porsche, Jaguar and Ferrari. It accounted for nearly 40 per cent of Sime Darby&#8217;s group revenue last year.
Sime Darby hired <a class="knx-trackable" style="color: #000080;" href="https://www.cimb.com/en/investor-relations/financial-information/cimb-investment-bank-berhad.html" target="_blank">CIMB Investment Bank</a>, <a class="knx-trackable" style="color: #000080;" href="https://www.db.com/index_e.htm" target="_blank">Deutsche Bank</a>, <a class="knx-trackable" style="color: #000080;" href="https://www.maybank-ib.com/" target="_blank">Maybank Investment Bank</a> and <a class="knx-trackable" style="color: #000080;" href="http://www.morganstanley.com/" target="_blank">Morgan Stanley</a> to work on the IPO last year.
Malaysia was the Asia-Pacific IPO destination in 2012 but IPO proceeds have fallen to a total $10.9 million so far this year, just 1 per cent of what was raised in 2014, partly because foreign investors trimmed their Malaysia equity portfolios.
Also read:
<a style="color: #ff0000;" title="Malaysia’s Sime Darby delays auto biz IPO to H2" href="http://www.dealstreetasia.com/stories/malaysias-sime-darby-delays-auto-biz-ipo-h2-3400/" rel="bookmark">Malaysia’s Sime Darby delays auto biz IPO to H2</a>

Sime Darby Bhd has postponed indefinitely its plans for an initial public offering (IPO) of its automotive business, according to sources.

Malaysia's Sime Darby Motors IPO postponed indefinitely

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Malaysia's Sime Darby Motors IPO postponed indefinitely

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