Sime Darby Berhad today announced that it has entered into a conditional sale and purchase agreement with Permodalan Nasional Berhad (PNB) to acquire the latter’s 61.2% stake in UMW Holdings Berhad for RM3.57 billion in cash, or RM5.00 per share. Sime Darby’s next step is to make a mandatory general offer for the remaining 38.8% stake that it does not hold, with the aim of delisting UMW from from Bursa Malaysia.
This is news of seismic proportions for Malaysia’s automotive industry, as SD, via its Sime Darby Motors division, is a major player in the industry, a franchise holder for brands ranging from Porsche to BYD. UMW on the other hand, is the majority stakeholder in market leader Perodua as well as Toyota, currently the top non-national make by overall sales. It also distributes Lexus vehicles. Soon, all will be under a giant umbrella.
“This is a strategic move to further scale up and strengthen our presence in the Malaysian automotive sector, adding two highly performing brands into our Malaysian portfolio – Toyota and Perodua. The deal will cement Sime Darby’s position as Malaysia’s leading automotive player,” said Datuk Jeffri Salim Davidson, SD’s group CEO.
“As a partner of choice to some of the most admired brands in the automotive sector, we are very excited to have the opportunity to work with Toyota, one of the world’s largest and most respected automakers,” he added.
UMW holds 51% stake in UMW Toyota Motor as well as 38% stake in Perodua. PNB has a direct 10% direct stake in the makers of the Myvi, whose other shareholders include technical partner Daihatsu, MBM Resources and Mitsui & Co. By the way, PNB is the biggest shareholder in both SD and UMW, so this also is consolidation move by the state investment firm.
Sime Darby expects the acquisition of PNB’s UMW stake to be completed within three months from the date of SPA, subject to regulatory and shareholders’ approval, the latter via an EGM in November.
GALLERY: Sime Darby Motors City, Ara Damansara
Looking to sell your car? Sell it with Carro.
on the other hand, tesla no need a local investor. hebat tatakelola madani. kah3!
Sime Darby under Selangor gomen wants to fight with DRB Hicom under PM6 patronage.
DRB proton much better then Sime perodua.
Aiyoo,how to get consistent PNB’s unit trust dividend after this. But if it is fruitful this year,the like of ASN, ASM can expect a bumper dividend for 2023.
Previously, Toyota employees are not allowed to change job to Perodua, or vice versa, because they are under one roof. Now, with Sime Darby becoming the bigger roof, the limitations will probably apply to all of the employees of these companies.
So much for healthy competition between different distributor. First Celcom & Digi merger and now this?
this is bad news. considering how badly sime darby is managed.
Ok lah. Better than Naza.
It won’t be bad when selling new vehicles just like Chery sells good specs with good engines and also come with better aftersales and better quality
And also give affordable price including Toyota mostly unlike UMW
i think its a bit early to say chery has good aftersales
You would never know that Chery today will be much better than before
With this move Hopefully in the future P2 can based their cars on BMW not daihatsu…
Then how come locals preferred Alpad hellfire to Balik kampung. But not plotong exora…
You sweet summer child.
who owns Sime Darby? Too big to fail in the future, another bailout waiting to happen ? Who benefits now?
Umw is cronies for AP holders for years ..Now they can’t take the lost and let’s see if Sime able to bring Toyota back
Sime Darby
1. BMW
2. BYD
3. Ford
4. Hyundai/Inokom
5. Jaguar
6. Land Rover
7. Mini
8. Porsche
9. Volvo
UMW
1. Daihatsu
2. Hino
3. Lexus
4. Perodua
5. Toyota
DRB
1. Honda
2. Isuzu
3. Lotus
4. Mitsubishi
5. Proton
6. Tata
7. Volkswagen
TAN CHONG
1. JAC
2. Nissan
3. Renault
4. Subaru
BERJAYA
1. Kia
2. Mazda
3. Citroen
4. Peugeot
NAZA
1. Maserati
Suzuki
Others:
CAM
CAMC
Chana
Chery
DFAC
DFSK
Foday
Foton
Foton Auman
JMC
King Long
Man
Mercedes Benz
Mitsubishi Fuso
Sinotruk
Scania
UD Trucks
Volvo Truck
Yangtse
ZNA
You forgot Tesla bro, it’s in others category
Kah motors should try to prise hyundai and kia from sime darby like how drb hicom used dr m to prise honda ftom kah motors.
Too many brands under one roof may result in kack of focus but hopefully toyota under sime darby will be better and please locally assemble the new land cruiser.
High end Toyotas won’t be assemble outside of Japan
It’s too early to say that high end toyota won’t assemble outside of Japan, with Toyota Sime Darby, there will be more opportunities to assemble more toyota models. So what SD CEO said means that he is also attracting more on Toyota,
Hopefully Toyota International will come in, to Malaysia to look after their own brand in this 3rd world country and bring in various product (CKD) and also exported it, to other ASEAN countries.
so what will happened or what could we expect? cheaper bmw or mini? or expensive p2, toyota, lexus?
Why? Another gangster kampung in the making. Should go and buy Toyota share in Thailand or BMW share in Germany or Tesla share in States. Why buy another good and self well managed company in Msia. Go oversea and bring back money to Malaysia. Buy trouble companies and turn it around. Ini semua mau kerja senang. GLC oh GLC. Board members with big paycheck buat kerja senang. Kluar Poket kiri masuk poket kanan. Seller is going to the bank with big smiles. Semua tax payer money involved.
Malaysia from all transports medium, public transports, infrastructures, services, food and produce all owned by 1 Man now.
calm down..PNB still owns 55% of SD Its business as usual for PNB