UMW acquisition to make Sime Darby leading automotive player


Jeffri said the acquisition is expected to be completed by the fourth quarter of 2023 and its revenue contribution will be about 37% post-acquisition.

PETALING JAYA: Sime Darby Bhd’s acquisition of UMW Holdings Bhd from Permodalan Nasional Bhd (PNB) for RM3.57bil cash or RM5 per share will allow Sime Darby to scale up its presence and strengthen its Malaysian footprint in the automotive and industrial sector.

Its group chief executive officer Datuk Jeffri Salim Davidson said Sime Darby acquired a 61.2% stake from PNB and will be making a mandatory general offer (MGO) for the remaining 38.8% stake, with the aim of delisting UMW from Bursa Malaysia.

Uh-oh! Daily quota reached.


Experience an ad-free unlimited reading on both web and app.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Business News

Malaysia's private non-financial sector's credit growth moderated to 4.8% in September
US tariffs on China to have mixed impact on Asean economies - OCBC
Minox International proposes 1-for-2 bonus issue of warrants
UBS posts bigger-than-expected net profit in third quarter
China and Hong Kong stocks drop as US election risks loom
StanChart third-quarter profit more than doubles on strong wealth growth, raises guidance
Bursa Malaysia's net profit jumps 42% to RM85.74mil in 3Q as ADV climbs
FBM KLCI slides as US election jitters mount
Australian dollar stuck near three-month lows on mixed inflation data
Axis-REIT raises RM449.73mil from private placement

Others Also Read