It’s now official. In a filing with Bursa Malaysia dated December 13, 2023, Sime Darby announced it has completed the acquisition of Permodalan Nasional’s (PNB) 61.18% stake in UMW Holdings. The deal was completed through Sime Darby’s indirect wholly-owned subsidiary Sime Darby Enterprise (SDESB), with RM3.574 billion paid for the 61.18% stake.
“Following the completion of the acquisition, SDESB’s shareholding in UMW has increased from nil to 714,813,100 UMW Shares representing approximately 61.18% equity interest in UMW. Accordingly, UMW has become an indirect subsidiary of Sime Darby,” the Bursa filing read.
Also mentioned in the filing is Sime Darby has issued a mandatory general offer to acquire all the remaining UMW shares not already owned by Sime Darby Enterprise and SDESB after the acquisition. The remaining 38.82% stake will be acquired for RM2.27 billion, with Sime Darby planning to eventually delist UMW from the Main Market of Bursa Malaysia.
News of Sime Darby’s acquisition of UMW first surfaced in August this year, with the company saying the move will allow it to scale up and strengthen its presence in the Malaysian automotive sector.
UMW holds a 51% stake in UMW Toyota Motor as well as a 38% stake in Perodua, and both mass-market brands will join Sime Darby’s vast portfolio that already includes BMW, Ford, Hyundai, Porsche, Rolls-Royce and Jaguar Land Rover to form Malaysia’s largest auto group.
In a separate Bursa filing, Sime Darby named Mustamir Mohamad as the new president and CEO of UMW Holdings. Mustamir vacates his previous position as Sime Darby’s group CFO to take on the new role and is replaced by Sime Darby’s CFO Muhammad Noor Abd Aziz.
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Give them a few years, Toyota and Perodua will be as popular as Hyundai and Ford in Malaysia.
wah semua monopoly ..habis soon..price keep on increasing….dulu cakap harga mau turun….sekarang semua naik…
Kudos to current PH BN govt.. wrested control from the British imperialist. handed Sime Darby back to the hands of 32mil strong vociferous patriotik Malaysians.. Madani PADU !!
Seems like an anti-competition nightmare for consumers. Shouldn’t the government step in?
How germen can step in ?
Sime Darby is a huge conglomerate GLC.
Now Perodua,Toyota plus others under SD.
Matter of time,Sime Darby “makan” Honda,Protong Geely
leaving only the small fries like Tan Chong and Mazda,Kia,Peugeot to deny being called a monopoly.
Prices of cars will keep shooting up like a ballistic missile.
Now i assure my axia will be service by Jaguar World class Technicians
You bet!
Why is this kind of news always misleading people? Maybe “rakyat mudah lupa”. Don’t forget Permodalan Nasional Berhad (PNB) still has a 52% stake in Sime Darby Bhd and PNB is a state-owned enterprise.
“Sime Darby has issued a mandatory general offer to acquire all the remaining UMW shares”
In the end, PNB still owns 52% of UMW in the future which is 9.18% less than before.
saim dabi known to be crappy
New Top Mgmt structure will be in UMW and Perodua, soon.. Those who not perform will be ship out
Even more no performing friends and family will be added to the structure … Yay!