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Malaysia's Sime says to finish DMIB revamp in 2003

KUALA LUMPUR, Nov 26 (Reuters) - Malaysian conglomerate Sime Darby Bhd said on Tuesday the restructuring of its tyre manufacturing subsidiary DMIB Bhd will be completed by April or May next year.

In April, Sime unveiled a reorganisation plan for DMIB that involved taking the 51-percent owned unit private, in a bid to make the tyre firm more competitive ahead of market liberalisation.

"An application has been made to the Securities Commission for the restructuring of DMIB. We expect the restructuring to be completed by April or May next year," Sime Group Chief Executive Nik Mohamed Nik Yaacob told reporters.

DMIB shares were suspended at the close of trade on Monday at 1.38 ringgit, and Sime's at 4.96 ringgit, ahead of the release of their first-quarter results.

($1 = 3.8 ringgit)