UMW offloads interest in Offshore Construction Services

 

Kuala Lumpur: UMW subsidiary, UMW Singapore Ventures has entered into a share sale agreement with Mr Neo Teck Seng in respect of the divestment of UMWSV’s 300,000 ordinary shares, representing 60% of the total issued and paid-up capital in Offshore Construction Services (OCS) for a total of S$7.05m.

Upon completion, OCS will cease to become a subsidiary company in the UMW Group. “The disposal is in line with the UMW Group’s strategy to rationalise its oil and gas investments and focus on its core business activities within the oil and gas sector,” UMW said in a statement.  [06/11/12]

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