UMW still pursuing takeover of MBM Resources

TheStar Wed, Apr 04, 2018 08:46am - 5 years View Original


Successful model: Perodua launched the new Myvi last year. MBM has a 22.58 stake in the company which is the largest and profitable local manufacturer of automobiles.

Successful model: Perodua launched the new Myvi last year. MBM has a 22.58 stake in the company which is the largest and profitable local manufacturer of automobiles.

PETALING JAYA: Conglomerate UMW Holdings Bhd remains persistent in its takeover bid for MBM Resources Bhd despite being rejected once again by the latter’s major shareholders, who had also voiced their objections to UMW’s intention to engage with its key principals or brand owners a day earlier.

MBM holds dealerships for the Perodua, Mitsubishi, Volkswagen, Volvo, Daihatsu and Hino brands.

In a filing with the stock exchange, UMW said it remains interested to resume discussions with MBM’s major shareholders, Med-Bumikar Mara Sdn Bhd and its unit, Central Shore Sdn Bhd (CSSB), to acquire a 50.07% stake in MBM.

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