KUALA LUMPUR: Sime Darby Bhd's (Sime Darby) group chief financial officer (GCFO) Mustamir Mohamad has been named the new president and chief executive officer of UMW Holdings Bhd, with the completion of Sime Darby's purchase of a 61.2 per cent stake in UMW Holdings.
With Mustamir's move to UMW Holdings, Sime Darby Motors' CFO Muhammad Noor Abd Aziz takes on the role of GCFO at Sime Darby.
The change in ownership has prompted adjustments to UMW's board.
The company eagerly anticipates the addition of new members, including Sime Darby's independent non-executive director Tan Sri Muhammad Shahrul Ikram Yaakob, Sime Darby's group chief executive officer Datuk Jeffri Salim Davidson, and Mustamir Mohamad.
UMW Holdings in a statement said it is confident in Mustamir's abilities, given his prior role as Sime Darby GCFO, and expects him to bring valuable experience and leadership to the organization.
"I am honored to lead UMW during this crucial integration phase with Sime Darby.
"UMW holds a significant place in the Malaysian automotive sector, and we aim to capitalize on its strong foundation. By leveraging Sime Darby's established distribution network and regional influence, we plan to explore new business opportunities," Mustamir said in a statement today.
With Mustamir's appointment, Megat Shahrul Azmir, who served as UMW's officer-in-charge, goes back to his role as UMW Equipment Division president.
Following the completion of this acquisition of the majority stake of UMW from Permodalan Nasional Bhd, Sime Darby will initiate a Mandatory General Offer for the remaining UMW shares that it does not own, with the aim of delisting UMW from Bursa Malaysia, it said in a statement today.