Malaysia's UEM World jumps on restructuring plan

KUALA LUMPUR, Feb 18 (Reuters) - Shares in Malaysian builder UEM World (UEMW.KL: Quote, Profile, Research, Stock Buzz) jumped 4 percent on Monday after it announced plans to sell out of four listed subsidiaries and consolidate its remaining interests in soon-to-be-listed developer UEM Land.

The stock rose to a high of 4.30 ringgit per share at the open before settling back to 4.14 ringgit at 0107 GMT.

State-controlled UEM World said after the close on Friday that it would offer its own shareholders the shares it holds in UEM Builders (UEMU.KL: Quote, Profile, Research, Stock Buzz), Pharmaniaga (PHMA.KL: Quote, Profile, Research, Stock Buzz), Opus Group (OPUI.KL: Quote, Profile, Research, Stock Buzz) and Cement Industries of Malaysia (CIMA.KL: Quote, Profile, Research, Stock Buzz).

UEM World also gave shareholders a cash option instead of taking the shares. It said its shareholders would receive 125 UEM Land shares and a cash payment of 125.82 ringgit for every 100 shares held.