SHAH ALAM:UMW HOLDINGS BHD is optimistic of achieving its automotive sales target for this year.
UMW president and group chief executive officer Badrul Feisal Abdul Rahim told reporters on the sidelines of its EGM on Tuesday that the sales would be driven by the launch of new vehicle models, as well as ongoing popularity of its existing ones.
UMW is the exclusive distributor of Toyota and the major shareholder in Perodua.
According to reports, for Toyota, the group is targeting more than a 12% growth in sales to 75,000 units compared to the 66,562 units sold in 2018, driven by its first batch of the all-new Vios and locally assembled Yaris hatchback.
Separately, shareholders approved the sale of land by UMW for RM287.7mil at its EGM.
On Nov 30 last year, UMW announced that it was selling industrial leasehold land measuring 38.803 acres in Shah Alam, Selangor to Strategic Sonata Sdn Bhd (SSSB).
Permodalan Nasional Bhd (PNB) had on June 13 entered into a share subscription agreement with SSSB for a 30% stake acquisition in the latter.
PNB, by virtue of it being the investment manager of Amanah Saham Bumiputera and Amanah Saham Nasional Bhd, collectively holds a 59.62% equity interest in UMW as at May 31.
As a result, the proposed disposal of land to SSSB is deemed to be a related party transaction.