Cahya Mata widens reach via energy venture

Lucrative market: A file picture showing a sample of crude oil. CMS envisages the new venture will become an an important contributor backed by the anticipated increase in overall drilling activities in the O&G sector. — Reuters

Cahya Mata Sarawak Bhd (CMS), a major corporate player in the Borneo region, is upping its game via a diversification into the energy sector amid the current high oil prices.

The conglomerate, which has a presence in cement, building materials and construction, among others, is acquiring the oilfield operations of Scomi Energy Services Bhd - a deal that will give it presence in 15 countries across Asia, Middle East, Europe and Africa when completed in the third quarter of 2022.