KUALA LUMPUR (Jan 19): UMW Holdings Bhd (UMWH) is exploring funding options for high-capital ventures as it looks to exit oil and gas (O&G) investments and refocus on its core businesses. Meanwhile, UMWOG would consolidate its business with Ekuinas's O&G operations via two separate deals. The first deal would see UMWOG acquire Ekuinas's 42.3% stake in Icon Offshore Bhd through issuance of new UMWOG shares at 80 sen apiece. This would spark a mandatory general offer from UMWOG for the remaining Icon Offshore shares at 50 sen each for either cash or UMWOG shares valued at 80 sen each. Badrul says this is part of an overall plan to progressively exit the O&G sector.

Source: The Edge Markets January 19, 2017 12:10 UTC