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UMW O&G weakens on purchase of rigs
by hlk Thu 13 Feb 2014, 12:48
UMW Oil & Gas Corp Bhd saw its share price on Bursa Malaysia weaken after its wholly-owned unit, UMW Drilling 6 (L) Ltd,
bought two jack-up drilling rigs for RM1.44 billion yesterday.
The counter, which saw 550,500 shares being transacted as at 10.30am, dipped two sen to RM4.51.
It had opened at RM4.51, a premium of three sen from yesterday's closing price of RM4.48.
In a filing to Bursa Malaysia yesterday, UMW O&G said the purchase of the jack-up drilling rigs was for its planned expansion in Malaysia and the Asia-Pacific, as well as improve financial performance.
It said the total purchase, worth RM721.09 million each, will be funded partially from the proceeds of the recently-completed initial public offering and the balance through borrowings.-- Bernama
Read more: UMW O&G weakens on purchase of rigs [You must be registered and logged in to see this link.]
bought two jack-up drilling rigs for RM1.44 billion yesterday.
The counter, which saw 550,500 shares being transacted as at 10.30am, dipped two sen to RM4.51.
It had opened at RM4.51, a premium of three sen from yesterday's closing price of RM4.48.
In a filing to Bursa Malaysia yesterday, UMW O&G said the purchase of the jack-up drilling rigs was for its planned expansion in Malaysia and the Asia-Pacific, as well as improve financial performance.
It said the total purchase, worth RM721.09 million each, will be funded partially from the proceeds of the recently-completed initial public offering and the balance through borrowings.-- Bernama
Read more: UMW O&G weakens on purchase of rigs [You must be registered and logged in to see this link.]
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