August 12, 2014 / 10:31 AM / 3 years ago

Malaysia's Sime Darby hires banks for $500 mln automobile unit IPO-sources

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KUALA LUMPUR, Aug 12 (Reuters) - Malaysia's Sime Darby Bhd , the world's top oil palm planter by landbank size, has hired banks for the listing of its automobile unit that could raise as much as $500 million by second quarter of next year, sources familiar with the matter said on Tuesday.

CIMB Investment Bank, Maybank Investment Bank and Morgan Stanley are working on the deal, the sources said, declining to be named as the matter was private.

Sime Darby in early July invited banks to make a pitch to win the IPO mandate. The plantations-to-motoring conglomerate had earlier flagged possible listings of some units to improve valuations. (Reporting By Saeed Azhar and Yantoultra Ngui; Editing by Muralikumar Anantharaman)

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