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Malaysia's Sime Darby wins shareholders' approval for UMW Holdings deal

Published Thu, Nov 16, 2023 · 06:57 PM
    • The acquisition of the 61.2 per cent stake in UMW for RM3.57 billion (S$1.02 billion) is expected to be completed by the end of November 2023.
    • The acquisition of the 61.2 per cent stake in UMW for RM3.57 billion (S$1.02 billion) is expected to be completed by the end of November 2023. PHOTO: REUTERS

    SIME Darby has won its shareholders’ approval to acquire automotive-to-manufacturing company UMW Holdings, the Malaysian conglomerate said in a statement on Thursday (Nov 16).

    The acquisition of the 61.2 per cent stake in UMW for RM3.57 billion (S$1.02 billion) is expected to be completed by the end of November 2023, Sime Darby said.

    The mandatory general offer to acquire the remaining UMW shares not owned is expected to close in February 2024, it added.

    Sime Darby announced in August the UMW stake acquisition from top asset manager Permodalan Nasional in a move to create a bigger automotive group. PNB is also the biggest shareholder in both Sime Darby and UMW. REUTERS

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    Sime DarbyUMW HoldingsMalaysia

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