Mitsui mums on UMW’s Perodua bid


Mitsui & Co Ltd is staying tight-lipped on UMW Holdings Bhd’s move to raise its interest in Perusahaan Otomobil Kedua Sdn Bhd (Perodua).

“We are just a minority shareholder and are not in a position to comment on the matter,” a Mitsui’s official told The Malaysian Reserve (TMR).

Perodua, the jewel of the proposed corporate takeover, was established as a joint venture company between Malaysia and Japan in 1993.

Mitsui Group and Mitsui & Co (Asia Pacific) Pte Ltd have 4.2% and 2.8% shares in Perodua respectively, alongside Daihatsu Motor Co Ltd (20%), Daihatsu (M) Sdn Bhd (5%), UMW (38%), MBM Resources Bhd (20%) and PNB Equity Resource Corp Sdn Bhd (PERC) (10%).

According to Mitsui’s newsletter to shareholders in 2014, the company was involved in Perodua’s value chain, from supplying raw materials for automobile steel plate to retail, as well as having interest in Daihatsu Malaysia.

Besides the MBM takeover bid, UMW has also offered to acquire PERC’s 10% stake in Perodua for RM417.5 million.

MBM holds dealerships for the Perodua, Mitsubishi, Volkswagen, Volvo, Daihatsu and Hino brands.

With the MBM and PERC’s acquisitions, UMW’s stake in Perodua will rise to 70.6%, cementing its dominance in Malaysia’s auto sector, both in passenger and commercial segments.

It was previously reported that Daihatsu was not in favour of UMW’s stake consolidation of Perodua.

UMW on March 9 made an offer to Med-Bumikar Mara Sdn Bhd and Central Shore Sdn Bhd to acquire their 50.07% combined stake in MBM for RM501 million, or RM2.56 per share, which valued the entire MBM at about RM1 billion.

The company has extended its offer period for the proposed acquisition and the resultant proposed mandatory takeover offer, as well as the proposed acquisition of 10% equity interest in Perodua to Oct 31, 2018, to enable the parties to deliberate on the offers.