Sime Darby Receives Shareholder Support to Acquire UMW
Sime Darby Receives Shareholder Support to Acquire UMW
Sime Darby Berhad (“Sime Darby”) 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.
Dato’ Jeffri Salim Davidson, Sime Darby’s Group Chief Executive Officer 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 24 August 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.
For further information, please contact:
Kadir Danial Kadir Roslan
Kadir.Danial@edelmansmithfield.com
019-2220296
Hairuddin Mohd Noh
Hairuddin.MohdNoh@edelmansmithfield.com
017-7925212