KUALA LUMPUR (Feb 27): UMW Holdings Bhd will be undertaking a capital reduction by about RM704.8 million, being the investment cost in UMW Oil and Gas Corp Bhd (UMW-OG) instead of its earlier planned bonus issue and redemption for a proposed distribution. The exercise will also be followed by a progressive exit from non-listed oil and gas assets held by UMW. The proposed distribution would enable shareholders to hold a stake in both UMW and UMW-OG. Meanwhile, UMW said today the entitlement date for the proposed capital reduction would be determined and announced later. Barring unforeseen circumstances, the proposed distribution is expected to be completed by the third quarter of 2017.

Source: The Edge Markets February 27, 2017 16:52 UTC