KUALA LUMPUR: UMW Oil & Gas Corporation Bhd's (UMW-OG) shares and new warrants were actively traded on Wednesday.
At 9.22am, UMW-OG warrants were up 11 sen to 11.5 sen with 19.86 million units done while the shares edged up 0.5 sen to 28 sen with 19.46 million units traded.
The FBM KLCI was up 0.72 of a point or 0.04% to 1,736.86. Turnover was 258.98 million shares valued at RM84.65mil. There were 179 gainers, 121 losers and 235 counters unchanged.
Its 4.836 billion new shares were issued under its renounceable rights issue while its 1.51 billion new warrants were issued pursuant to the rights issue.
The new shares resulted from the conversion of the rights shares issued by the oil and gas company under its restructuring exercise to turn around the loss-making company.
The rights shares were issued on the basis of 14 rights shares for every five shares held together with 1.209 billion free warrants. The warrants were issued on the basis of one warrant for every four rights shares subscribed.
The loss-making UMW-OG was demerged from UMW Holdings Bhd
to enable the latter to focus on growing its profitable core businesses.
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