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.

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