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.
“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.
