UMW Holdings Bhd
'S wholly-owned subsidiary, UMW Petropipe (Labuan) Ltd, has proposed to acquire a total 40% stake in Shanghai Tube-Cote Petroleum Pipe Coating Co Ltd from Beijing Huashi Hailong Petroleum Machinery Equipment Co Ltd and ACE Tubular Technologies Pte Ltd for US$5.25mil.
UMW told the KLSE yesterday the acquisition would allow the group to tap the market related to the oil and gas industry in China and the region.
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