UMW Holdings Bhd
's wholly-owned subsidiary UMW Petropipe (L) Ltd has proposed to subscribe to a 51% equity in UMW Ace (L) Ltd to tap the oil and gas industry in China and the region.
UMW Petropipe yesterday signed a sale and purchase agreement with Hailong International (L) Ltd and Ace Technologies (L) Ltd for the acquisition of 1.550 million ordinary shares of US$1 par value from Hailong and one million ordinary shares from Ace Technologies, UMW said in a statement to the KLSE.
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