PetroSaudi raises stake in UBG to 89.8%

KUALA LUMPUR: PetroSaudi International Ltd’s effective stake in UBG Bhd will rise to 89.8% after three shareholders agreed to sell their stakes, UBG said in a statement to Bursa Malaysia yesterday.

Concordance Holdings Sdn Bhd, PPES Works (Sarawak) Sdn Bhd and Majestic Masterpiece Sdn Bhd would sell PetroSaudi a total 449.5 million shares in UBG at RM2.50 each, it said.