KUALA LUMPUR: UMW Holdings Bhd, a combination with intrigue principally in car and substantial gear, will leave the oil and gas (O&G) business through a progression of corporate activities.
It will likewise make hindrances for its non-O&G resources as a feature of a measure to totally leave the part.
The add up to be weakened will be revealed in its last quarter comes about for 2016 that will be declared at end-February.
"In seeking after the divestment of the non-recorded O&G resources, UMW will embrace an impedance. The quantum presently can't seem to be resolved," said UMW president and gathering CEO Badrul Feisal Abdul Rahim at a question and answer session.
UMW's exit from the O&G segment is through a progression of corporate activities. It incorporates a profit in specie and a capital infusion evaluated at RM750mil by its real shareholder Permodalan Nasional Bhd (PNB) into another broadened O&G furnish that will have Ekuiti Nasional Bhd (Ekuinas) as a shareholder.
Under the work out, UMW will disperse its 55.7% stake in UMW Oil and Gas Corp Bhd (UMW-OG) to shareholders.
Taking after that, UMW-OG will assume control over Ekuinas' 42.3% stake in Icon Offshore Bhd, setting off an obligatory general offer.
UMW-OG will offer Icon shareholders an alternative of money of 50 sen every share or one UMW-OG share esteemed at 80 sen.
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