PETALING JAYA, November 17 – Sime Darby Berhad successfully obtained shareholder approval at its Extraordinary General Meeting (EGM) held today for the proposed acquisition of Permodalan Nasional Berhad’s (PNB) 61.2% stake in UMW Holdings Berhad (UMW). Following this crucial approval, Sime Darby is poised to move forward with the strategic acquisition. The company plans to initiate a mandatory general offer (MGO) to acquire the remaining shares of UMW, aiming for full ownership.
Dato’ Jeffri Salim Davidson, Sime Darby’s Group Chief Executive Officer, expressed delight at the strong shareholder support, emphasizing a shared vision for enhancing the company’s automotive presence in Malaysia. With the green light from shareholders, Sime Darby is confident in meeting all conditions for the deal. The MGO, which will be launched shortly after the EGM, is a critical step toward achieving full ownership of UMW. Shareholders of UMW can anticipate receiving an offer document detailing the MGO in the coming weeks. The acquisition of PNB’s 61.2% stake in UMW is slated for completion by the end of November 2023.
The MGO, assuming a fully extended acceptance period, is projected to conclude in February 2024. Sime Darby’s move to acquire UMW, a well-established conglomerate with diverse business segments, including automotive, equipment, aerospace, and manufacturing & engineering, reflects the company’s strategic growth plans. The acquisition aligns with Sime Darby’s commitment to delivering value to its shareholders and underscores its dedication to expanding its presence in Malaysia’s automotive sector.
