KUALA LUMPUR, Nov 16 — Sime Darby Bhd has received shareholders’ nod to acquire Permodalan Nasional Bhd’s (PNB) 61.2 per cent stake in UMW Holdings Bhd.

The conglomerate, subsequently, will be launching a mandatory general offer (MGO) to acquire the remaining shares to gain full ownership of UMW.

Sime Darby Group chief executive officer Datuk Jeffri Salim Davidson said the support from the shareholders would enable the company’s automotive presence to grow in Malaysia.

‘‘We appreciate our shareholders’ trust and confidence and are committed to continuing delivering value for them,” he said in a statement after Sime Darby’s extraordinary general meeting today.

At the EGM, shareholders also voted to approve the proposed resolution which allows Sime Darby to move forward with the strategic acquisition.

With shareholders’ approval secured, Sime Darby is confident of fulfilling all conditions for the deal.

UMW shareholders will be receiving an offer document setting out details of the MGO in the coming weeks, the statement said.

The acquisition of the 61.2 per cent stake in UMW is expected to be completed by the end of this month, while the MGO, assuming the acceptance period is fully extended, is set to close in February 2024.

On August 24, 2023, Sime Darby announced that it entered into a conditional share purchase agreement to acquire PNB’s 61.2 per cent stake in UMW for RM3.57 billion, to further scale up and strengthen its presence in the Malaysian automotive sector. — Bernama