Thursday, January 3, 2019

UMW Holdings winds up four oil and gas subsidiaries

UMW Holdings winds up four oil and gas subsidiaries

 
  (File pix) UMW Holdings Bhd president and group chief executive officer Badrul Feisal Abdul Rahim says despite the volatile oil price environment, the group was making good progress on its planned strategic exit from the unlisted oil and gas segment with exit plans in place for the several remaining subsidiaries.
KUALA LUMPUR: UMW Holdings Bhd has commenced voluntary winding up of four of its subsidiaries under the unlisted oil and gas segment.

The subsidiaries that have commenced liquidation are UMW Coating Technologies (Tianjin) Co Ltd, PFP (Shenzhen) Piping Materials Co Ltd, UMW China Ventures (L) Ltd and UMW Offshore Investment (L) Ltd.

UMW Holdings president and group chief executive officer Badrul Feisal Abdul Rahim said despite the volatile oil price environment, the group was making good progress on its planned strategic exit from the unlisted oil and gas segment with exit plans in place for the several remaining subsidiaries.
“Our growth strategy, moving forward, will be underpinned by continued expansion in these three core segments to deliver value to our shareholders,” he said in a statement today.
Badrul added that UMW Holdings would continue to focus on strengthening its core businesses with improved profitability and momentum.

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