Sime Darby Bhd has won its shareholders’ approval to acquire automotive-to-manufacturing company UMW Holdings Bhd, the Malaysian conglomerate said in a statement on Thursday.
The acquisition of the 61.2% stake in UMW for 3.57 billion ringgit ($762 million) is expected to be completed by the end of November 2023, Sime Darby said.
The mandatory general offer to acquire the remaining UMW shares not owned is expected to close in February 2024, it added.
Sime Darby announced in August the UMW stake acquisition from top asset manager Permodalan Nasional Bhd (PNB) in a move to create a bigger automotive group. PNB is also the biggest shareholder in both Sime Darby and UMW.
($1 = 4.6850 ringgit)