Malaysia’s UMW Oil & Gas Corp is merging with Ekuiti Nasional (Ekuinas) oil and gas units.
UMW Holdings president and group ceo Badrul Feisal Abdul Rahim said the group is exiting from the oil and gas sector following loss-making UMW O&G’s planned takeover of Icon Offshore and Orkim from Ekuinas. UMW Holdings will distribute all its shares in UMW O&G to shareholders by June this year.
“UMW Holdings’ long-term goals include enhancing returns from our automotive division, expanding further into high value engineering and increasing our product range and market presence for our equipment division,” Badrul said.