Sime to acquire remaining stake in UMW

The 38.82% stake is valued at RM2.27bil.

PETALING JAYA: Sime Darby Bhd has made an unconditional mandatory takeover offer to acquire the remaining 38.82% stake in UMW Holdings Bhd at RM5 each.

At RM5, the 38.82% stake is valued at RM2.27bil, giving UMW a total valuation of RM5.84bil. Sime Darby entered into a deal with Permodalan Nasional Bhd to acquire a 61.18% stake in UMW for RM3.57bil.

In a filing with Bursa Malaysia, it said it was obligated to reduce the offer price by the amount equivalent to the net distribution per offer share with UMW, in the event of the holder exceeding the offer’s timeline.

On Nov 16, the UMW takeover exercise garnered majority support from Sime Darby’s shareholders, with 1,159 shareholders or 1.78 billion shares in support of the deal at an extraordinary general meeting.

UMW is expected to be delisted from Bursa Malaysia as a result of the takeover.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Business News

Oil prices rise as Israel weighs response to Iran attack
Amir Hamzah leads delegation to meeting with investors in New York
Bursa Malaysia tracks negative global sentiment
Trading ideas: RHB, Capital A, Heitech Padu, Kitacon, YNHP, Iris, Solarvest, SCIB, G Capital, Eduspec, EP Manufacturing, Master Tec
US stocks tumble as Treasury yields rise, Middle East tensions simmer
StanChart: Faster growth of 4.8% for M’sia
Solarvest placement earnings dilutive, to be offset by new projects
Eduspec makes Kang deputy chairman
Muted impact expected from IOI paper pulp JV
Ringgit slides to near record low amid turmoil

Others Also Read