KUALA LUMPUR, March 29 (Reuters) - Malaysia's conglomerate Sime Darby Bhd said on Tuesday it plans to privatise its heavy equipment and motor business unit, Tractors Malaysia Holdings Bhd , under a scheme of arrangement.
Upon completion of the plan, Tractors will become a wholly-owned unit of Sime, the firm said in a statement to the stock exchange. Sime now holds a 71.74 percent stake in Tractors.
Sime said it would acquire 28.26 percent of Tractors for a settlement price of 317 million ringgit ($83.4 million) or 3.46 ringgit per Tractors share.
Shares of Sime Darby closed at 5.95 ringgit on March 24 while Tractors closed at 2.55 ringgit on the same day. The stocks have since been suspended from trading to make way for the announcement. (US$1=3.8 ringgit)