UMW extends deadline for takeover of MBM Resources

KUALA LUMPUR: UMW Holdings Bhd has extended the deadline to take over MBM Resources Bhd by another six months.

The offer was supposed to lapse today. Maybank Investment Bank Bhd, on behalf UMW told the exchange on Friday evening that the new expiry date of Oct 31 was to enable parties involved to deliberate on its offer.

The new deadline is also applicable for UMW to buy over PNB Equity Resources Corp Sdn Bhd’s 10% stake in Perodua.

MBM owns a 22.58% effective equity interest in Perodua.

UMW’s bid to increase its stake in Perodua started on March 9 when it made an offer to Med-Bumikar Mara to acquire its controlling 50.07% stake in MBM for RM501mil, or RM2.56 per share.

Besides its direct 20% interest in Perodua, MBM controls 5% more via 51%-subsidiary Daihatsu Malaysia Sdn Bhd.

Separately, UMW had also proposed to buy PNB Equity Resources Corp Sdn Bhd’s 10% interest in Perodua at RM417.5mil, or RM29.80 apiece.

However, Med-Bumikar Mara’s board of directors threw out the proposal. On March 26, MBM disclosed that it was informed by Med-Bumikar Mara that the board of directors of Med-Bumikar Mara had deliberated and decided to reject the offer from UMW.

The latter had then extended the acceptance period until April 30.