Petaling Jaya, 28 May 2024 - The new 'SD Guthrie' brand has been approved by shareholders of Sime Darby Plantation Berhad (SD Plantation or the Company) at its Extraordinary General Meeting (EGM) held earlier today.
At the EGM, which was held immediately after the conclusion of the 21st Annual General Meeting of SD Plantation, shareholders' approval was sought on the proposed change of the Company's name. The Special Resolution was duly passed with extremely overwhelming support from shareholders, 99.99% of whom voted in favour of the proposal.
Approximately 80% of SD Plantation is owned by major Malaysian institutions, including Permodalan Nasional Berhad (PNB), Kumpulan Wang Simpanan Pekerja (KWSP), Kumpulan Wang Persaraan [Diperbadankan] (KWAP), Lembaga Tabung Haji (LTH), and Pertubuhan Keselamatan Sosial (PERKESO).
"Today's resounding endorsement echoes the trust and confidence our shareholders have in us," said SD Plantation's Chairman, Tan Sri Dr Nik Norzrul Thani Nik Hassan Thani. "The SD Guthrie brand carries much significance for us as an organisation, and I am delighted that we will embark on the next chapter of our 200-year history with this storied brand."
The Company expresses its sincere gratitude to its shareholders, employees, customers and all its stakeholders for their continued support as it embarks on this exciting transformation. The proposed new brand has been submitted to the Companies Commission of Malaysia for approval.
The SD Guthrie brand pays homage to two great brands in the Malaysian plantation industry – Kumpulan Guthrie Berhad and Sime Darby Plantation Berhad. The Guthrie name is synonymous with one of the most audacious and successful moves made by PNB. In 1981, PNB executed a dawn raid on the London Stock Exchange, and in four hours was able to wrest control of Guthrie, bringing one of the giants of the industry under Malaysian control. In 2007, the Guthrie and Sime Darby groups merged with the Golden Hope Plantations Berhad, creating a much-enlarged Sime Darby Group. The largest division of the Sime Darby Group was SD Plantation.
SD Plantation was listed as a standalone company on Bursa Malaysia on 30 November 2017. This 2017 demerger of the Sime Darby group resulted in three listed "Sime Darby" companies, namely, Sime Darby Berhad, Sime Darby Property Berhad and SD Plantation. This situation often created confusion in the market as all three companies shared the same brand and logo. Another consideration was the fact that the "Sime Darby" brand is owned and controlled by Sime Darby Berhad. SD Plantation was a licensee under a Brand and Trademark Licensing Agreement, paying an annual fee for the right to use the brand. As a licensee, SD Plantation was required to seek Sime Darby Berhad's permission and approval as the brand owner, on the uses and applications of the brand.
"As SD Guthrie, we will continue to drive long-term value for our stakeholders. We are exploring exciting new growth opportunities in adjacent sectors, in line with our values and purpose," said SD Plantation's Group Managing Director, Datuk Mohamad Helmy Othman Basha. On 7 May 2024, SD Plantation announced its plans to co-develop the Kerian Integrated Green Industrial Park in Perak, Malaysia, in collaboration with PNB, the Federal Government and the State of Perak. The plan also involves the establishment of 660 acres of solar farms as the principal green energy source for the area.
The new SD Guthrie logo will be unveiled soon.
The Company will trade on the Malaysian bourse as Sime Darby Plantation Berhad (Stock Code: 5285) until the registration and approval of the application of the new name are concluded through the Companies Commission of Malaysia.