KUALA LUMPUR: Shares of UMW Holdings jumped to a high of RM4.93 early Friday after it announced its plans to exit the oil and gas business but UMW Oil and Gas Corporation (UMW-OG) slumped.At 9.04am, UMW Holdings was up 24 sen to RM4.86 with 297,800 shares done as it proposed to distribute its shareholding of 55.73%in UMW-OG to UMW shareholders and this is expected to be completed by April 2017.However, UMW-OG lost three sen to 85.5 sen.Icon Offshore rose three sen to 46.5 sen.The FBM KLCI rose 0.23 of a point or just 0.01% to 1,666.74. Turnover was 91.65 million shares valued at RM25.66mil. There were 74 gainers, 63 losers and 118 counters unchanged.UMW Holdings will also make impairments for its non-O&G assets as part of a measure to completely exit the sector.Hong Leong Investment Bank Research said the exercise is in line with UMW’s plan to exit O&G industry. UMW will be fully focused on managing its growth and risks related solely to its automotive, equipment, manufacturing and engineering segments. Click on the links for stories on the corporate deals:http://www.thestar.com.my/business/business-news/2017/01/19/umw-oil-and-gas-ekuinas-to-group-oil-and-gas-business/http://www.thestar.com.my/business/business-news/2017/01/19/umw-to-exit-oil-and-gas-sector-distribute-umw-og-shares/http://www.thestar.com.my/business/business-news/2017/01/20/cimb-research-raises-target-price-for-umw-after-demerger/

Source: The Star January 20, 2017 01:22 UTC