UMW Oil & Gas merges with Icon Offshore and Orkim

UMW Oil & Gas merges with Icon Offshore and Orkim

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

Related Posts