KUALA LUMPUR: UMW Holdings Bhd's shares, first listed on the local stock exchange in 1970, will be suspended from trading on the local stock exchange next Friday, on Feb 9, 2024.
It was first listed on the stock exchange, then called Kuala Lumpur Stock Exchange, as United Motor Works (Malaysia) Holdings Bhd.
Founded in 1917 by Chia Yee Soh, it started out as an automotive repair shop in Orchard Road, Singapore, known as United Motor Works.
Come Feb 9, 2024 it will come under the umbrella of industrial and automotive behemoth, Sime Darby.
The date marks five market days after the extended closing date of the takeover offer by Sime Darby, which closed on Jan 31, 2024.
As at its closing date, Sime Darby held 98.86 per cent of UMW Holdings shares.
In December 2023, Sime Darby launched a mandatory general offer (MGO) for shares it did not own in UMW Holdings.
This was following its purchase of a 61.18 per cent equity stake in UMW Holdingsfrom its parent company Permodalan Nasional Bhd for RM3.57 billion, equivalent to RM5 per share.
Upon completion of the deal, Sime Darby launched the MGO for the remaining 38.82 per cent stake for around RM2.27 billion, with the aim of privatising UMW.
As at Sept 30, 2023, UMW Holdings made a net profit of RM611.1 million against RM13.7 billion revenue.
Its businesses include automotive, industrial, heavy, marine & power equipment, manufacturing and engineering and a component manufacturer for the aerspace industry.
Its market capitalisation stands at RM5.74 billion currently, with its share price trading at RM4.92 a share.
