KUALA LUMPUR: Sime Darby Bhd has completed its acquisition of UMW Holdings Bhd, achieving a 100 per cent stake in the company.
Sime Darby group chief executive officer Datuk Jeffri Salim Davidson said the milestone was a clear indication of the market's trust in the company's strategic direction.
"Our foremost priority now is to complete the integration of UMW into the wider Sime Darby ecosystem.
"Leveraging our collective strengths, especially within the automotive and industrial sectors, this will enable us to reinforce our competitive edge and expand our domestic footprint to further drive long- term growth," he said in a statement today.
He added that the exercise was in line with the comoany's five-year masterplan to grow its core businesses of undustrial and motors across key regional markets and strengthen its earnings contribution from Malaysia.
UMW managing director Mustamir Mohamad said being under Sime Darby allowed the company to harness new opportunities and share expertise.
"While ensuring seamless business continuity during the integration, we look forward to growing further as part of Sime Darby, as we remain steadfast in our commitment to delivering excellence to all our stakeholders," he said.