KUALA LUMPUR: Bursa Malaysia Securities Bhd today denied an application by Sime Darby Bhd to allow the Employees Provident Fund (EPF) to vote on its deal to take over UMW Holdings Bhd.
The EPF holds a 15 per cent interest in Sime Darby and a 10 per cent interest in UMW Holdings.
Sime Darby is planning to take over a 61.18 per cent interest in UMW Holdings Bhd from Permodalan Nasional Bhd for RM3.57 billion, and to undertake a mandatory general offer (MGO) for the remaining shares it does not own in UMW Holdings for another RM2.23 billion.
Sime Darby will be vying for shareholders approval to proceed with the deal on November 16, 2023.
According to a filing with the bourse, Sime Darby said its application for a waiver from categorising EPF and PNB as "persons connected" for the deal, and to allow EPF to exercise its voting rights at the extraordinary general meeting (EGM), was rejected.
"Accordingly, EPF is required to abstain from voting in respect of their direct and/or indirect shareholdings in Sime Darby on the resolution pertaining to the proposals to be tabled at the EGM," it said.
Sime Darby's share price was down 2.1 per cent to RM2.33 a share today, while UMW Holdings' share price was 0.21 per cent lower at RM4.86 a share.