KUALA LUMPUR, 2 January 2019– Following the announcement of the commencement of the member’s voluntary winding up (“liquidation”) for 4 of UMW’s subsidiaries under the Unlisted Oil & Gas segment on 31 December 2018, it has today announced the commencement of liquidation for 3 additional subsidiaries, namely:
| Name of Company | Place of Incorportation |
|---|---|
| 1. Arabian Drilling Services L.L.C., a dormant subsidiary of UMW | Oman |
| 2. UMW Middle East Ventures Holdings W.L.L., a dormant subsidiary of UMW | Bahrain |
| 3. UMW Oil & Gas Berhad, a wholly-owned subsidiary of UMW | Malaysia |
President & Group Chief Executive Officer of UMW Holdings Berhad, Badrul Feisal bin Abdul Rahim, said: “The exercise is in line with UMW’s strategic plan to exit from its investments in the Unlisted Oil & Gas segment, in which we are making significant progress and well underway to conclude a complete exit from the sector. Following this, we will continue to execute our strategic initiatives to improve profitability and momentum, with stronger emphasis on growing our core businesses. With shareholder value creation in mind, moving forward the Group will focus on driving long-term growth through expansion and fostering innovation across our portfolio, balanced with a disciplined approach to capital investment.”