KUALA LUMPUR, December 13, 2023 -- UMW Holdings Berhad (“UMW”) announced today that Sime Darby Berhad (“Sime Darby”) has completed the acquisition of its 61.2% stake, making Sime Darby the new major shareholder of UMW.
In conjunction with the change in major shareholder which also resulted in changes to its board, UMW is looking forward to welcoming several new members comprising Sime Darby’s Independent Non-Executive Director Tan Sri Muhammad Shahrul Ikram Yaakob, Sime Darby’s Group Chief Executive Officer Dato’ Jeffri Salim Davidson, as well as Mustamir Mohamad. UMW also wishes to express its sincere gratitude to departing directors, Datin Paduka Kartini Hj. Abdul Manaf, Shahin Farouque Jammal Ahmad, and Ahmad Adib Mukhtar for their valuable contributions to the company.
UMW is also pleased to announce the appointment of Mustamir Mohamad as its new President and Group Chief Executive Officer (“PGCEO”). The company is confident that Mustamir, who is formerly the Group Chief Financial Officer (“GCFO”) of Sime Darby, will bring significant expertise through his years of invaluable experience and leadership to the organisation.
At a glance
- Company
- UMW Holdings Berhad
- Announcement
- Acquisition
- Location
- Kuala Lumpur, Malaysia
Key figures
- Stake acquired by Sime Darby
- 61.2%
People
- Mustamir MohamadPresident and Group Chief Executive Officer of UMW
- Tan Sri Muhammad Shahrul Ikram YaakobSime Darby Independent Non-Executive Director
- Dato’ Jeffri Salim DavidsonSime Darby Group Chief Executive Officer
- Datin Paduka Kartini Hj. Abdul ManafDeparting UMW director
- Shahin Farouque Jammal AhmadDeparting UMW director
- Ahmad Adib MukhtarDeparting UMW director
- Megat Shahrul AzmirPresident of UMW Equipment Division; previously UMW Officer-in-Charge
"I am honoured to lead UMW during this important integration phase with Sime Darby. UMW boasts a rich history and a longstanding reputation as a cornerstone in the Malaysian automotive sector. We aim to build upon the solid foundation laid by UMW and explore new business opportunities by leveraging Sime Darby's established distribution network and regional influence," said Mustamir.
With the appointment of Mustamir, Megat Shahrul Azmir, who had been serving as UMW’s Officer-in-Charge in the interim, will relinquish that position and continue on as President of UMW Equipment Division.
Following the completion of this acquisition of the majority stake of UMW from Permodalan Nasional Berhad, Sime Darby will initiate a Mandatory General Offer for the remaining UMW shares that it does not own, with the aim of delisting UMW from Bursa Malaysia.
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Questions around this news
Who was appointed UMW’s new President and Group Chief Executive Officer?
UMW announced Mustamir Mohamad’s appointment as President and Group Chief Executive Officer. He previously served as Sime Darby’s Group Chief Financial Officer. Megat Shahrul Azmir, who had held UMW’s Officer-in-Charge role on an interim basis, was to leave that role and continue as President of UMW’s Equipment Division.
What did Sime Darby acquire, and what does it plan to do next?
Sime Darby completed its purchase of a 61.2% stake in UMW from Permodalan Nasional Berhad, becoming UMW’s major shareholder. The release says Sime Darby will make a Mandatory General Offer for the UMW shares it does not own, with the stated aim of delisting UMW from Bursa Malaysia.
What is a mandatory general offer?
A mandatory general offer is an offer to buy shares from a company’s remaining shareholders that may be required under takeover rules when a buyer’s shareholding or control reaches a specified threshold. The offer gives other shareholders an opportunity to sell on the terms set out in the offer documents; requirements vary by jurisdiction.
What does it mean to delist a company?
Delisting means removing a company’s shares from trading on a stock exchange. After delisting, the shares are no longer traded through that exchange, although the company may continue operating as a business. A delisting can follow a takeover or other corporate action and is subject to applicable exchange and regulatory requirements.
Earlier from UMW Holdings Berhad
- UMW HOLDINGS’ PATAMI SURGES BY 72% TO RM173 MILLION IN THE THIRD QUARTER OF 2023
- UMW EQUIPMENT ENTERS INTO A PARTNERSHIP AGREEMENT WITH TOYOTA INDUSTRIES CORPORATION TO EXPAND ITS INDUSTRIAL EQUIPMENT BUSINESS
- UMW COLLABORATES WITH DEWAN BAHASA & PUSTAKA TO INTRODUCE e-PUISI, AN E-LEARNING MODULE ON POETRY
- UMW HOLDINGS’ PATAMI SURGES TO RM304 MILLION IN THE SECOND QUARTER OF 2023
