KUALA LUMPUR: UMW Oil & Gas Corporation Bhd (UMW-OG) and Ekuiti Nasional Bhd (Ekuinas) are consolidating their oil and gas businesses under UMW-OG and this will also involve Icon Offshore Bhd (Icon) in a multi-billion-ringgit corporate exercise. In a joint statement issued on Thursday, they said the enlarged oil & gas businesses under UMW-OG will lead to the creation of a major integrated service provider across the oil & gas value chain. The corporate exercise will see UMW-OG acquiring Ekuinas’ indirect stake of 42.3% in Icon Offshore Bhd (Icon) for new UMW-OG shares, and 95.5% interest in Orkim Sdn Bhd (Orkim) for cash, respectively. Icon is the largest owner and operator of offshore support vessels (OSV) in Malaysia. What it means for Ekuinas:Ekuinas divests 42.3% stake in Icon Offshore to UMW Oil & Gas at 50 sen per share, swaps for new UMW-OG shares at 80 sen each.

Source: The Star January 19, 2017 10:36 UTC