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KUALA LUMPUR (Jan 15): Sime Darby Bhd is to compulsorily acquire the remaining shares of UMW Holdings Bhd after accumulating 96.81% of the industrial group's shares as of Monday.
Sime Darby will invoke the Capital Markets and Services Act 2007 (CMSA) to compulsorily acquire any remaining offer shares from shareholders who have not accepted the offer, or failed to transfer their shares to the group, said CIMB Investment Bank Bhd in a statement on behalf of Sime Darby.
"Accordingly, the offeror will issue a compulsory acquisition notice under subsection 222(1) of the CMSA, which will be sent to all dissenting shareholders, within two months from Jan 15," the statement said.
Last August, Sime Darby announced that was acquiring a 61.18% equity interest in UMW from its parent company Permodalan Nasional Bhd for RM3.57 billion or RM5 per share, followed by a mandatory general offer to buy the remaining 38.82% stake and take UMW private.
With the acquisition, Sime Darby, which is known for its luxury marques such as BMW, Jaguar, Land Rover and Porsche, will be adding mass market brands under UMW, such as Toyota, Lexus and Perodua to its stable.
The offer will remain open for acceptances until Jan 31, according to the statement on Monday. Sime Darby had on Jan 12 extended the closing date to acquire the remaining UMW shares by two weeks from Jan 17.
Shares in Sime Darby finished up one sen or 0.41% to RM2.45 on Monday, giving the group a market capitalisation of RM16.70 billion. UMW closed unchanged at RM5, valuing the group at RM5.84 billion.