Malaysian conglomerate Sime Darby (SIME.KL) said it is buying a majority stake in industrial group UMW Holdings (UMWS.KL) for 3.57 billion ringgit ($768.90 million) in a deal that could spearhead the country's electric vehicle (EV) journey. The country's top asset manager Permodalan Nasional Bhd (PNB) plans to merge the two holding firms and then create a bigger automotive group. The plan comes amid a push by the Malaysian government to develop the country's EV sector as competition heats up in Southeast Asia to become the main player or a hub in the global production and supply chain of EVs.

Source: Reuters