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UMW Holdings Bhd To Raise MYR2.36 Billion In UMW Oil & Gas Corporation Bhd IPO-Reuters


Tuesday, 16 Jul 2013 08:41am EDT 

Reuters reported that UMW Holdings Bhd will spin off its oil and gas unit UMW Oil & Gas Corporation Bhd to raise MYR2.36 billion ($740 million), the Company said. The Company said in a stock exchange filing it may sell as many as 843.2 million shares, or 39% of its enlarged share capital, at an indicative price of MYR2.80 each. UMW Holdings could take MYR647.9 million of the IPO proceeds to pay debt and finance capital expenditure while UMW Oil & Gas is expected to receive up to MYR1.7 billion to buy rigs, clear debts and pay listing expenses. 

Company Quote

12.4
-0.04 -0.32%
12:04am EDT