UMW exits oil & gas business
19 Jan 2017 / 19:15 H.
KUALA LUMPUR: UMW Holdings Bhd is exiting from its oil and gas business amid the low price environment and the conglomerate will refocus on its core businesses of automotive, equipment and manufacturing & engineering.
The demerger of UMW Oil & Gas Corp Bhd (UMW-OG) will be done through the distribution-in-specie of all UMW Holdings' 55.72% stake in UMW-OG.
Following that, there will be a merger between UMW-OG, Icon Offshore Bhd and Ekuinas-owned Orkim Sdn Bhd, to create an integrated service provider in the oil and gas industry.
Orkim is the owner and operator of the largest clean petroleum product marine transportation vessels in the country.