Sime Darby gets nod to acquire UMW

PETALING JAYA: Sime Darby Bhd has received shareholders’ nod to acquire Permodalan Nasional Bhd’s (PNB) 61.2% stake in UMW Holdings Bhd.

The conglomerate, subsequently, will be launching a mandatory general offer to acquire the remaining shares to gain full ownership of UMW.

On Aug 24, 2023, Sime Darby announced that it had entered into a conditional share purchase agreement to acquire PNB’s 61.2% stake in UMW for RM3.57bil to scale up its presence in the automotive sector. — Bernama