UMW takes a RM1.16bil hit, writes down value of O&G assets

The bulk of the impairment was from the group

PETALING JAYA: UMW Holdings Bhd undertook a massive kitchen-sinking exercise on its oil and gas (O&G) business with an impairment of RM1.16bil on its listed and unlisted assets.

The impairment resulted in the group taking a big hit in its fourth-quarter ended Dec 31, 2016 results, recording RM1.57bil in net losses, believed to be among the biggest losses in its history.