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UBG Bhd has entered into an agreement with Mubadala Development Company to set up a 50:50 oil and gas exploration and production joint venture (JV).
UBG Bhd believes it can double the order books of both Loh Loh Corp Bhd and Putrajaya Perdana Bhd in a little more than a year. It has a viable platform that would enable the Sarawak-based company to expand its reach to new markets and sectors.
UBG Bhd believes the way forward is to grow via acquisitions and it will set aside about RM500mil to acquire more companies.
UBG Bhd is still on a lookout for acquisitions to expand its construction and infrastructure business empire after proposing to buy controlling stakes in Putrajaya Perdana Bhd and Loh Loh Corp Bhd.
The proposed US$2bil (RM6.9bil) aluminium smelter to be built by the Cahya Mata Sarawak Bhd (CMSB)-Rio Tinto Aluminium joint venture in Bintulu is expected to come on stream in late 2010. It would have an initial production capacity of 550,000 tonnes a year, and the capability to expand to 1.5 million tonnes per annum later.