PETALING JAYA: Sime Darby Berhad held an Extraordinary General Meeting (EGM) today, to seek its shareholders’ approval on the company’s proposal to acquire Permodalan Nasional Berhad’s (PNB) 61.2% stake in UMW Holdings Berhad (UMW) and thereafter to launch a mandatory general offer (MGO) to acquire the remaining UMW shares not owned.
At the EGM, shareholders voted to approve the proposed resolution which allows Sime Darby
to move forward with the strategic acquisition.
With shareholders’ approval secured, Sime Darby is confident of fulfilling all conditions for
the deal.
Following the EGM today, Sime Darby will launch an MGO to acquire the remaining UMW
shares to gain full ownership of UMW.
Sime Darby Group CEO Datuk Jeffri Salim Davidson, said, “We are delighted with the shareholder support.
“The support shows that shareholders share our vision in growing our automotive presence
in Malaysia.
“We appreciate our shareholders’ trust and confidence and are committed to continue
delivering value for them.”
Shareholders of UMW will receive an offer document setting out details of the MGO in the
coming weeks.
The acquisition of the 61.2% stake in UMW is expected to be completed by the end of
November 2023; whilst the MGO, assuming the acceptance period is fully extended, is
expected to close in February 2024.
On Aug 24, 2023, Sime Darby announced that it entered into a conditional share purchase agreement (SPA) with PNB to acquire PNB’s 61.2% stake in UMW, a well-established conglomerate with a diverse portfolio of businesses including automotive, equipment, aerospace and manufacturing & engineering (M&E) segments
