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Sime Darby Acquiring UMW – Adds Perodua & Toyota to Its Portfolio
August 24, 2023 Andrew Cheng

This is big news for the Malaysian automotive industry: Sime Darby Berhad has just entered into a conditional share purchase agreement with Permodalan Nasional Berhad (PNB) to acquire its 61.2% stake in UMW Holdings Berhad (UMW). With this move, Sime Darby will add Perodua and Toyota to its portfolio – two popular car brands in our local market.

Sime Darby is purchasing PNB’s 61.2% stake in UMW for RM5.00 per share, which comes up to RM3.57 billion. The company will be making a general offer for the remaining 38.8% stake with the aim of delisting UMW from Bursa Malaysia.

“This is a strategic move to further scale up and strengthen our presence in the Malaysian automotive sector, adding two highly performing brands into our Malaysian portfolio – Toyota and Perodua,” said the Group Chief Executive Officer of Sime Darby Berhad, Dato’ Jeffri Salim Davidson. “The deal will cement Sime Darby’s position as Malaysia’s leading automotive player,” he added.

According to Sime Darby, its acquisition of PNB’s stake in UMW is expected to be completed within three months from the date of SPA. This is subject to regulatory and shareholders’ approvals and customary closing conditions, as the company puts it.

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