KUALA LUMPUR (March 13): UMW Holdings Bhd said there are no plans to merge with Sime Darby Bhd’s motor division, since UMW is focusing on its exit from the oil and gas sector. UMW said this in a statement today in response to The Edge Malaysia business and investment weekly's (Edge Weekly) report which indicated Permodalan Nasional Bhd (PNB) planned to merge Sime Darby's motor division with UMW. Edge Weekly quoted a source as saying: “Instead of listing Sime Darby Motors as a separate company, PNB has plans to merge the motor division with UMW Holdings. PNB is the common controlling shareholder in both Sime Darby and UMW, with stakes of more than 50% each in both diversified entities. The exit from oil & gas is done through distribution in specie of all its shares in UMW Oil & Gas Corp Bhd to all entitled shareholders of UMW.

Source: The Edge Markets March 13, 2017 05:48 UTC