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Fitch puts Sime Darby on watch
Fitch Ratings said it placed the ratings of Sime Darby Bhd. on Rating Watch negative.
The action follows news that Sime Darby will completely divest its stake in previously 100% owned subsidiaries, Sime Darby Plantations (SD Plantation) and Sime Darby Property (SD Property), Fitch said.
SD Plantation and SD Property will no longer remain subsidiaries of Sime Darby after their listing, the agency said.
As a result, Sime Darby’s business profile will weaken considerably as the remaining businesses exhibit higher volatility and cyclicality compared with the plantation business, Fitch explained.
Sime Darby will also have a smaller scale and lower diversification post-divestment, the agency added.
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