Sime Darby Berhad has received the shareholders’ approval on the company’s proposal to acquire Permodalan Nasional Berhad’s 61.2% stake in UMW Holdings Berhad and will launch a mandatory general offer to acquire the remaining UMW shares not owned.
The approval and the proposed resolution will allow Sime Darby to move forward with the strategic acquisition. Following the EGM today, Sime Darby will launch an MGO to acquire the remaining UMW shares to gain full ownership of UMW.
Dato’ Jeffri Salim Davidson, Sime Darby’s Group Chief Executive Officer said, “We are delighted with the shareholder support. “The support shows that shareholders share our vision in growing our automotive presence in Malaysia.
“We appreciate our shareholders’ trust and confidence and are committed to continue delivering value for them.”
Shareholders of UMW will receive an offer document setting out details of the MGO in the coming weeks
The acquisition of the 61.2% stake in UMW is expected to be completed by the end of November 2023; whilst the MGO, assuming the acceptance period is fully extended, is expected to close in February 2024.
On 24 August 2023, Sime Darby announced that it entered into a conditional share purchase agreement with PNB to acquire PNB’s 61.2% stake in UMW, a well-established conglomerate with a diverse portfolio of businesses including automotive, equipment, aerospace and manufacturing & engineering (M&E) segments.
