KUALA LUMPUR (Dec 27): Sime Darby Bhd’s takeover bid to acquire the remaining 38.82% stake it does not own in UMW Holdings Bhd at RM5 per share has now become unconditional, after it received more than 50% of the voting shares.
CIMB Investment Bank Bhd, on behalf of Sime Darby, informed Bursa Malaysia that the offer will be available for acceptance until 5pm on Jan 17, which marks the first closing date. The offer may be extended or revised in accordance with the rules.
Sime Darby plans to acquire the remaining 38.82% stake in UMW, following a conditional share purchase agreement with Permodalan Nasional Bhd in August to buy a 61.18% stake in UMW. This makes Sime Darby the largest shareholder in the automotive group.
The takeover, which is expected to see UMW delisted from Bursa Malaysia, will create a behemoth industrial and motor group, with presence in various markets in Asia-Pacific.
At the time of writing on Wednesday, Sime Darby’s share price was up three sen or 1.27% at RM2.39, giving it a market capitalisation of RM16.29 billion. UMW was one sen or 0.2% lower at RM4.97, valuing it at RM5.81 billion.