PRESS RELEASE

For Immediate Release

24 August 2023

Sime Darby to Acquire UMW

Deal Will Cement Group's Position as Malaysia's Leading Automotive Player

KUALA LUMPUR, 24 August 2023 - Sime Darby Berhad (“Sime Darby”) today announced
that it has entered into a conditional sale and purchase agreement (“SPA”) with Permodalan
Nasional Berhad (“PNB”) to acquire PNB’s 61.2% stake in UMW Holdings Berhad (“UMW”), a
well-established conglomerate with a diverse portfolio of businesses including automotive,
equipment, aerospace and manufacturing & engineering (M&E) segments.

Under the terms of the agreement, Sime Darby will purchase PNB’s 61.2% stake for a total
cash consideration of RM3.57 billion or RM5.00 per share. Once the agreement becomes
unconditional, Sime Darby will be making a general offer for the remaining 38.8% stake that
it does not hold with the aim of delisting UMW from Bursa Malaysia.

“This is a strategic move to further scale up and strengthen our presence in the Malaysian
automotive sector, adding two highly performing brands into our Malaysian portfolio – Toyota
and Perodua. The deal will cement Sime Darby’s position as Malaysia’s leading automotive
player,” said Dato’ Jeffri Salim Davidson, Sime Darby Berhad’s Group Chief Executive Officer.
"As a partner of choice to some of the most admired brands in the automotive sector, we are
very excited to have the opportunity to work with Toyota, one of the world’s largest and most
respected automakers.”

The acquisition is accretive to Sime Darby’s earnings per share and will enhance Sime Darby’s
shareholders return.

Sime Darby expects the acquisition of PNB’s stake to be completed within 3 months from the
date of SPA subject to regulatory and shareholders’ approvals and customary closing
conditions.
For further information, please contact:

Kadir Danial Kadir Roslan

Kadir.Danial@edelmansmithfield.com
0192220296

Aishah Afandi
Aishah.Afandi@edelmansmithfield.com
0164466747

About Sime Darby Berhad

Sime Darby Berhad is a partner of choice for the world's most admired brands in the
Industrial and Motors sectors. We deliver sustainable value to our stakeholders through
operational excellence, high performance standards and good corporate governance.
Founded in 1910, Sime Darby Berhad today has a workforce of approximately 20,000
employees and a presence in 17 countries across the Asia Pacific region. It is listed on the
main market of Bursa Malaysia with a market capitalisation of RM14.31 billion (USD3.07
billion) as at 23 August 2023. For more information, please visit www.simedarby.com