KUALA LUMPUR: CIMB Equities Research is “negative” on UMW Oil and Gas’s (UMW-OG) plan to buy an offshore service vessel (OSV) player and a product tanker operator as well as issue rights to recapitalise and to fund the purchases.
“We are negative on these proposals as the acquirees are priced much higher than UMW-OG and the rights issue is unnecessarily large and dilutive.
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