Sime Darby unit completes UMW stake buy, makes mandatory takeover offer

KUALA LUMPUR: Sime Darby Bhd’s indirect wholly owned subsidiary Sime Darby Enterprise Sdn Bhd has completed its acquisition of a 61.18 per cent stake in UMW Holdings Bhd for RM3.57 billion.

Following the completion of the acquisition, Sime Darby Enterprise’s shareholding in UMW has increased from nil to 714,813,100 UMW shares.

"Accordingly, UMW has become an indirect subsidiary of Sime Darby,” it said in a filing with Bursa Malaysia.

It also has proposed a mandatory take-over offer to acquire all the remaining UMW shares not already owned by Sime Darby Enterprise and Sime Darby after the acquisition.

The deal brings the highly profitable brands of Toyota and Perodua under the Sime Darby fold.

In a separate filing, Sime Darby chief financial officer (CFO) Mustamir Mohamad is stepping down from his position to assume the role of UMW president and group chief executive officer effective today.

Mustamir is replacing Datuk Seri Ahmad Fuaad Mohd Kenali.

Replacing Mustamir as Sime Darby's CFO is Muhammad Noor Abd Aziz, who was previously the CFO of Sime’s Motors division from September 2020 to October 2023.

Meanwhile, UMW said in a filing that Sime Darby group chief executive officer Datuk Jeffri Salim Davidson and Tan Sri Muhammad Shahrul Ikram Yaakob were joining its board as directors.

On the other hand, Kartini Abdul Manaf and Ahmad Adib Mukhtar resigned from their post as director and alternate director effective today.
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