Mustamir Mohamad (Photo credit: UMW Holdings Bhd)

KUALA LUMPUR (Dec 13): Mustamir Mohamad is stepping down from his position as the group chief financial officer (CFO) of Sime Darby Bhd, to assume the role of president & group chief executive officer at UMW Holdings Bhd, which is now a 61.18%-owned indirect subsidiary of Sime Darby.

Mustamir's appointment to UMW Holdings takes effect on Wednesday. He is replacing Datuk Seri Ahmad Fuaad Mohd Kenali, whose tenure expired on Oct 31.

Replacing Mustamir as group CFO of Sime Darby is Muhammad Noor Abd Aziz, who was previously the CFO of Sime’s Motors division from September 2020 to October 2023, also effective Wednesday, according to a filing with Bursa Malaysia.

Sime Darby's group chief executive officer Datuk Jeffri Salim Davidson is also joining UMW Holding's board as director, along with Tan Sri Muhammad Shahrul Ikram Yaakob, who is currently an independent non-executive dirctor at Sime Darby.

The announcements came as Sime Darby, via its wholly owned Sime Darby Enterprise Sdn Bhd, completed its acquisition of 714.81 million shares representing the 61.18% equity interest in UMW Holdings from Permodalan Nasional Bhd (PNB), making the latter an indirect subsidiary of the Sime Darby group.

Sime Darby paid RM5 per share cash to PNB for the stake buy, or a total of RM3.57 billion. PNB, which had assets under management of RM341.6 billion as at end-2022, is a major shareholder of both Sime Darby and UMW — making the deal a related party transaction.

Followng the transaction, Sime Darby extended a mandatory general offer to take over the rest of the shares it does not own in UMW Holdings at the same price, with the intention of taking the company private.

PNB, one of the country's largest fund management companies, held a 37.7% stake in Sime Darby as at Sept 8, according to the Sime Darby's annual report.

UMW shares gained 1 sen or 0.2% to settle at RM4.96 at noon break, translating into a market capitalisation of some RM5.8 billion.

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