UMW shares down after MBM shareholders' statement

PETALING JAYA: Shares of UMW Holdings Bhd fell three sen or 0.49% this morning, after MBM Resources Bhd's major shareholders warned against the former engaging with its key principals, brand owners of the distributorship marque.
At 11.11am, UMW stood at RM6.07 with 22,100 shares changing hands.
MBM's share price also fell three sen or 1.24% to RM2.40, with 119,500 shares done.
Yesterday, MBM said Med-Bumikar Mara Sdn Bhd and Central Shore Sdn Bhd objected to UMW's intended action to engage with their key principals on the merits of the proposed acquisition, saying the move may confuse or mislead their key principals and jeopardise their business contracts and/or relationship.
This came after UMW's plan for a controlling stake in Perodua hit a snag, with both Med-Bumikar and Central Shore rejecting a take over offer of RM501 million or RM2.56 per share from UMW.