THE aborted deal between UMW Oil & Gas Corp Bhd’s (UMW-OG) and Ekuiti Nasional Bhd (Ekuinas) over the acquisitions of Icon Offshore Bhd
and Orkim Sdn Bhd has put the group back in square one – it has to battle the weak prospects in its upstream drilling business for the next few years to come.
The mitigating factor is UMW O&G will have beefed up its finances from the RM1.8bil fund raising exercise that it would undertake after aborting the takeover of Icon and Orkim.
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