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Malaysian Drilling Services Firm UMW-OG To Buy Icon Offshore

Malaysian offshore drilling services company UMW Oil & Gas Corp Bhd (UMW-OG) on Thursday said it would buy offshore support vessel provider Icon Offshore Berhad after agreeing to a share sale with its major shareholder.
UMW-OG said it would first acquire government-linked private equity firm Ekuiti Nasional Berhad's (Ekuinas) indirect stake of 42.3 percent in Icon for new UMW-OG shares. It then plans to take over the remaining shares of Icon for 50 sen per share using either cash or new UMW-OG shares at 80 sen per share, the company said in a statement. Separately, state-owned conglomerate UMW Holdings - which owns a near 56 percent stake UMW-OG - said it would exit the oil and gas business by distributing UMW-OG shares to entitled shareholders. (By Reuters l Reporting by Liz Lee l editing by Jason Neely)

Malaysian offshore drilling services company UMW Oil & Gas Corp Bhd (UMW-OG) on Thursday said it would buy offshore support vessel provider Icon Offshore Berhad after agreeing to a share sale with its major shareholder.

UMW-OG said it would first acquire government-linked private equity firm Ekuiti Nasional Berhad's (Ekuinas) indirect stake of 42.3 percent in Icon for new UMW-OG shares.

It then plans to take over the remaining shares of Icon for 50 sen per share using either cash or new UMW-OG shares at 80 sen per share, the company said in a statement.

Separately, state-owned conglomerate UMW Holdings - which owns a near 56 percent stake UMW-OG - said it would exit the oil and gas business by distributing UMW-OG shares to entitled shareholders.

(By Reuters l Reporting by Liz Lee l editing by Jason Neely)

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