UMW Holdings gets shareholders' nod for demerger of UMW Oil & Gas

SHAH ALAM: Shareholders of UMW Holdings Bhd have approved the proposed distribution of the entire shareholding of UMW in UMW Oil and Gas Corp Bhd (UMW-OG) and capital reduction of UMW at its EGM today.
UMW president and group CEO Badrul Feisal Abdul Rahim said the next step is to apply to the High Court for the proposals.
"By July we should be able to complete everything," he told reporters after its EGM here, referring to the demerger of UMW-OG from UMW.
UMW is exiting from its oil and gas business and will refocus on its core businesses of automotive, equipment and manufacturing & engineering.