KUALA LUMPUR (Jan 10): Sime Darby Bhd announced that it had accumulated 90.68% of UMW Holdings Bhd’s shares as at Wednesday, paving the way for the delisting of the Toyota marque distributor.

Sime Darby made the latest offer at RM5 per share. Shares in UMW settled at RM5.01 after rising one sen or 0.2% on Wednesday. At RM5.01, the stock is valued at RM5.85 billion.

The takeover offer will be closed at 5pm on Jan 17 unless extended further, CIMB Investment Bank Bhd said in a statement on behalf of Sime Darby.

The deal, which values UMW at RM5.84 billion, will be funded by internal funds and borrowings.

Announced in August last year, the merger involves Sime Darby buying a 61.18% stake in UMW from its parent company Permodalan Nasional Bhd (PNB) at RM5 per share or RM3.57 billion, followed by a mandatory general offer to buy the remaining 38.82% stake at about RM2.27 billion.

PNB owns a 5.11% stake in Sime Darby, and is deemed to have a 37.46% interest via Amanah Saham Bumiputera.

Sime Darby, which has appreciated 15.2% since the deal announcement on Aug 24, closed one sen or 0.41% higher at RM2.43 on Wednesday, giving the group a market capitalisation of RM16.56 billion.