UMW-OG, Ekuinas call off deal

Rohaizad: ‘We have decided not to pursue the consolidation at this time, but may continue to explore opportunities to collaborate in the future once there is more certainty in the industry environment and consolidation framework.’

PETALING JAYA: UMW Oil & Gas Corp Bhd (UMW-OG) has called off a plan to acquire oil and gas (O&G) assets from Ekuiti Nasional Bhd (Ekuinas), citing capital constraints and uncertainties in the industry.

The group, however, will proceed with the planned RM1.8bil new rights shares issuance, with its main shareholder, Permodalan Nasional Bhd (PNB), agreeing to underwrite the entire fund-raising exercise.