The Business Times
business-time-50

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

google-preferred-sourceAdd BT as a preferred source
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

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    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

    Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.

    Sime DarbyUMW HoldingsMalaysia

    Share with us your feedback on BT's products and services

    Feedback

    TRENDING NOW

    In this economy, the smartest bets might no longer be sitting an ocean away, but are waiting right here at home.

    ‘Boring’ is the new black: The stars are aligning for a Singapore stock market revival

    Sales have rebounded in March after the year-end lull and seasonal Chinese New Year pullback.

    Near sell-out launches in March boost developer sales to 1,300 units after four slow months

    US President Donald Trump (left) with Chinese President Xi Jinping at a bilateral meeting on the sidelines of the Apec summit in Busan last October.

    China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result

    Lim's pay package includes about S$3.6 million as salary and around S$3.9 million as bonus, indicates the company's annual report.

    Genting Singapore’s Lim Kok Thay receives S$7.5 million pay package for FY2025

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More