KUALA LUMPUR, 31 December 2018– UMW Holdings Berhad has announced the commencement of the member’s voluntary winding up (“liquidation”) for 4 of its subsidiaries (“the subsidiaries”) under the Unlisted Oil & Gas segment. The subsidiaries that have commenced liquidation are:
| Name of Company | Place of Incorportation |
|---|---|
| 1. UMW Coating Technologies (Tianjin) Co. Ltd., a dormant wholly-owned subsidiary of UMW 2. PFP (Shenzhen) Piping Materials Co. Ltd., a dormant subsidiary of UMW |
China |
| 3. UMW China Ventures (L) Ltd, a dormant subsidiary of UMW 4. UMW Offshore Investment (L) Ltd, a dormant subsidiary of UMW |
Malaysia |
President & Group Chief Executive Officer of UMW Holdings Berhad, Badrul Feisal bin Abdul Rahim, said: “Despite the volatile oil price environment, we are making good progress on our planned strategic exit from the Unlisted Oil & Gas segment with exit plans in place for the several remaining subsidiaries. While we work on concluding the complete exit from the oil & gas sector, we will continue to focus on strengthening our core businesses with improved profitability and momentum. Our growth strategy moving forward will be underpinned by continued expansion in these three core segments to deliver value to our shareholders.”