KUALA LUMPUR (Jan 19): Icon Offshore Bhd, which is controlled by Ekuiti Nasional Bhd (Ekuinas), and UMW Oil & Gas Corp Bhd (UMW OG) is believed to have sealed a merger exercise, according to industry sources. UMW OG is a 55.7%-owned subsidiary of UMW Holdings Bhd, in which Permodalan Nasional Bhd controls a 47.83% stake. Ekuinas holds controls a 44.69% stake in Icon Offshore through Hallmark Odyssey Sdn Bhd (42.28%) and Sempena Focus Sdn Bhd (2.41%). However, the detail of the merger exercise between UMW O&G and Icon Offshore is not known at the time of writing. Icon Offshore, UMW Holdings and its O&G unit have voluntarily suspended their shares from trading this morning.

Source: The Edge Markets January 19, 2017 03:20 UTC