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HomeMaritime NewsRegionsAsiaUMW Oil and Gas scrambles up rights issue to raise cash

UMW Oil and Gas scrambles up rights issue to raise cash

UMW Oil and Gas scrambles up rights issue to raise cash
Fast on the heels of its failed consolidation cum fund raising exercise with Icon Offshore and Orkim, UMW Oil and Gas (UMW-OG) is now planning to make a cash call.

The Ekuiti Nasional (Ekuinas) initiated consolidation attempt failed on valuation issues.

UMW-OG said in a stock market announcement that Permodalan Nasional (PNB) had indicated its support for the recapitalisation exercise to raise up to MYR1.8bn ($414.8m).

The proposed rights issue with warrants will see the issuance of up to 6.053bn rights shares at an issue price of 30 Malaysian sen per rights share to raise MYR1.8bn. The issuance of the rights shares will be together with up to 1.513bn warrants.

TAGS: Finance & Insurance Offshore Regions Malaysia
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