Sime Darby Group CEO Jeffri Salim Davidson said the milestone is a clear indication of the market’s trust in the group’s strategic direction and the value it is poised to create with UMW.

“Our foremost priority now is to complete the integration of UMW into the wider Sime Darby ecosystem.

“Leveraging our collective strengths, especially within the automotive and industrial sectors, this will enable us to reinforce our competitive edge and expand our domestic footprint to further drive long-term growth,” he said in a statement.

Jeffri Salim said the acquisition is also in line with Sime Darby’s five-year strategic master plan to grow its core industrial and motor businesses across key regional markets and strengthen its earnings contribution from Malaysia.

The move reaffirms the group’s commitment to drive innovation and growth while contributing to Malaysia’s economic development.

Meanwhile, UMW managing director Mustamir Mohamad said joining the Sime Darby family as a key business unit marks an exciting new chapter, allowing it to harness new opportunities and share expertise.

“While ensuring seamless business continuity during the integration, we look forward to growing further as part of Sime Darby, as we remain steadfast in our commitment to delivering excellence to all our stakeholders,” he said.

Sime Darby said in August 2023 that it was acquiring a 61.2% stake in UMW from its parent company, Permodalan Nasional Bhd at RM3.57 billion, followed by a mandatory general offer to buy the remaining equity interest of 38.8% at about RM2.27 billion.

At the close of trading, Sime Darby’s share price was up by 1 sen or 0.38% at RM2.62, giving it a market capitalisation of RM17.86 billion.