SIME DARBY ENTERPRISE SDN BHD agreed to acquire 61.18% stake in UMW Holdings Berhad (KLSE:UMW) from Permodalan Nasional Berhad and AmanahRaya Trustees Berhad for MYR3.6 billion on August 24, 2023. Sime Darby Group expects to fund the total consideration of the Proposals amounting to approximately MYR5.8 billion, being the sum of the Purchase Consideration amounting to approximately MYR3.6 billion and the consideration amount for the Proposed MGO assuming full acceptance amounting to approximately MYR2.3 billion, via a combination of borrowings and internally generated funds, the proportion of which will be determined at a later date after taking into consideration, among others, the gearing and operating cash flow requirements of Sime Darby Group. Barring any unforeseen circumstances, the Proposed Acquisition is expected to be completed by the fourth quarter of year 2023. CIMB has been appointed as the Principal Adviser to Sime Darby for the Proposals. Credit Suisse acted as the exclusive sell-sell financial advisor to Permodalan Nasional Berhad. Kadir Andri & Partners acted as legal advisor to UMW Holdings Berhad. Munir Abdul Aziz of Baker McKenzie acted as legal advisor to Permodalan Nasional Berhad.

SIME DARBY ENTERPRISE SDN BHD completed the acquisition of 61.18% stake in UMW Holdings Berhad (KLSE:UMW) from Permodalan Nasional Berhad and AmanahRaya Trustees Berhad on December 13, 2023.