Sime Darby completes UMW Holdings acquisition

KUALA LUMPUR: Sime Darby Bhd has completed its acquisition of UMW Holdings Bhd, achieving full ownership and making UMW a wholly-owned subsidiary.

"This milestone is a clear indication of the market's trust in our strategic direction and the value we are poised to create with UMW in our fold. Our foremost priority now is to complete the integration of UMW into the wider Sime Darby ecosystem.

“Leveraging our collective strengths, especially within the automotive and industrial sectors, this will enable us to reinforce our competitive edge and expand our domestic footprint to further drive long-term growth,” Sime Darby Group chief executive officer Jeffri Salim Davidson said in a statement.

“This is also in line with our 5-year strategy masterplan to grow our core businesses of Industrial and motors across key regional markets and strengthen our earnings contribution from Malaysia,” he added.

On the automotive front, the conclusion of the takeover means Sime Darby’s presence in the local market will be expanded to the mid-market segment such as Toyota and affordable segment such as Perodua, from the predominantly premium offerings such as BMW.