Sime Darby cuts debt with $571m follow-on

The Malaysian company continued an aggressive deleveraging drive with a bumper share sale.

Sime Darby cuts debt with $571m follow-on
Sime Darby is the world's largest palm oil producer.

Malaysian conglomerate Sime Darby raised RM2.36 billion $571 million from an after-market share placement on Tuesday, taking another step to deleverage its debt-laden balance sheet.

The company, well-known for its plantation business, sold 5% of its existing share capital through an accelerated bookbuild after the market closed.

Sime Darby sold 316.4 million shares at RM7.45 each, the top of a tight price range that only went as low as...

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