KUALA LUMPUR (Feb 14): UMW Holdings Bhd will be delisted from Bursa Malaysia on Feb 19, 2024 to mark the completion of its privatisation by Sime Darby Bhd.
Shares of UMW were already suspended from trading by Bursa Malaysia on Feb 9, after the expiration of five trading days from the extended closing date of the takeover offer by Sime Darby.
Previously, Sime Darby extended the deadline for its RM5 per share offer by two weeks to Jan 31, allowing more time for shareholders to accept the offer in its endeavour to take UMW private.
According to CIMB Investment Bank Bhd, the conglomerate already held 98.86% of the total shares in UMW as of Jan 31.
The biggest automotive deal in the country, which was announced in August last year, involved Sime Darby acquiring a 61.18% equity interest in UMW from its parent company Permodalan Nasional Bhd for RM3.57 billion or RM5 per share.
This was followed by a mandatory general offer by Sime Darby to buy the remaining 38.82% stake at about RM2.27 billion and take UMW private.
Subsequently, Sime Darby, renowned 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 acquisition is expected to scale up the Sime Darby group’s operations in Malaysia, solidifying its position as a leading automotive player with more than 50% market share in Malaysia.
At Wednesday’s noon break, Sime Darby shares remained unchanged at RM2.46 for a market capitalisation of RM16.77 billion.