UMW acquisition to make Sime Darby leading automotive player

Jeffri said the acquisition is expected to be completed by the fourth quarter of 2023 and its revenue contribution will be about 37% post-acquisition.

PETALING JAYA: Sime Darby Bhd’s acquisition of UMW Holdings Bhd from Permodalan Nasional Bhd (PNB) for RM3.57bil cash or RM5 per share will allow Sime Darby to scale up its presence and strengthen its Malaysian footprint in the automotive and industrial sector.

Its group chief executive officer Datuk Jeffri Salim Davidson said Sime Darby acquired a 61.2% stake from PNB and will be making a mandatory general offer (MGO) for the remaining 38.8% stake, with the aim of delisting UMW from Bursa Malaysia.