KUALA LUMPUR: Sime Darby Bhd received its shareholders' nod for its proposed acquisition of 714.81 million shares in UMW Holdings Bhd for RM3.57 billion.
At the extraordinary general meeting (EGM) today, shareholders voted to approve the proposed resolution which allows Sime Darby to move forward with the strategic acquisition.
"With shareholders' approval secured, the company is confident of fulfilling all conditions for the deal," Sime Darby said in a statement.
The acquisition by Sime Darby Enterprise Sdn Bhd (SDESB), an indirect wholly-owned subsidiary of Sime Darby, represents a 61.18 per cent equity in UMW and is set to reshape the landscape of the Malaysian corporate sector.
The acquisition involves the purchase of UMW shares from Permodalan Nasional Bhd and Amanahraya Trustees Bhd as trustee for its unit trust funds.
Following the EGM, Sime Darby will launch a mandatory general offer (MGO) to acquire the remaining UMW shares to gain full ownership of UMW.
Sime Darby group chief executive officer Datuk Jeffri Salim Davidson said the support from the shareholders would enable its automotive presence to grow in Malaysia.
''We appreciate our shareholders' trust and confidence and are committed to continuing delivering value for them," he said.
Sime Darby said shareholders of UMW will receive an offer document setting out details of the MGO in the coming weeks.
"The acquisition of the 61.2 per cent stake in UMW is expected to be completed by the end of November 2023; whilst the MGO, assuming the acceptance period is fully extended, is expected to close in February 2024," it added.
