PNB weighs RM10bil automotive merger in EV push - sources


SINGAPORE: Malaysia's largest asset manager, Permodalan Nasional Bhd (PNB), is considering merging Sime Darby Motors and Perusahaan Otomobil Kedua (Perodua) to create an automotive giant worth over 10 billion ringgit ($2.15 billion), two sources said.

State-owned PNB is talking to advisers to explore options including first by merging the holding companies of the two units then creating the bigger automotive group that could help spearhead the development of the electric vehicle (EV) sector in Malaysia, the sources with knowledge of the matter said.

PNB, which manages over 300 billion ringgit of assets, is the biggest shareholder in Sime Darby Motors' parent, Sime Darby, owning almost a 50% stake.

PNB is also the largest shareholder owning 60.6% of industrial group UMW Holdings, which in turn is the top shareholder of Perodua with a 38% stake.

Separately, PNB also owns a direct 10% stake in Perodua. Other shareholders in Perodua include Daihatsu, MBM Resources and Mitsui & Co, Perodua's website showed.

The sources declined to be named as the matter is private.

PNB, Sime Darby, UMW and Perodua declined to comment. - Reuters

FGV BRINGS SMILES TO UNDERPRIVILEGED STUDENTS

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
PNB , Sime Darby Motors , Perodua , merger , auto

Others Also Read


Want to listen to full audio?

Unlock unlimited access to enjoy personalise features on the TheStar.com.my

Already a member? Log In