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UMW offers RM918.5 mln to boost stake in Perodua

10th March, 2018

KUALA LUMPUR: UMW Holdings Bhd plans to boost its strategic stake in Perusahaan Otomobil Kedua Sdn Bhd (Perodua) from 38 per cent to 70.6 per cent.

In a filing with Bursa Malaysia Friday, UMW said, it had made a conditional offer to buy a 50.07 per cent stake in MBM Resources Bhd (MBMR) from Med-Bumikar Mara Sdn Bhd and its unit Central Shore Sdn Bhd for RM501.0 million. MBMR currently holds 22.58 per cent equity interest in Perodua.

UMW said it also made a conditional offer to PNB Equity Resource Corporation Sdn Bhd (PERC) for 10 per cent equity interest in Perodua for RM417.5 million.

With its current 38 per cent stake, UMW is already the biggest shareholder in Perodua.

If MBMR accepted its offer, which is open until March 28, and subject to the completion of the proposed MBMR acquisition, UMW’s shareholding in MBMR would increase from nil to 50.07 per cent and it then will be obliged to extend a mandatory takeover offer (MO).

UMW said it did not intend to maintain MBMR’s listing status on the Main Market of Bursa Malaysia subsequent to the proposed MO.

On its rationale, it said the proposals would allow ity to increase its strategic stake in Perodua, which has remained the leading marque in Malaysia with successful recent launches.

In addition to strengthening its exposure in the Perodua marque, UMW said, it was looking to increase its exposure in the commercial vehicle segment via MBMR’s multi-brand dealerships such as Daihatsu and Hino vehicles.

MBMR’s car parts manufacturing business would also widen UMW’s offerings in the manufacturing segment, it said. –Bernama

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