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.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
