UMW associate WSP gets takeover offer at 60c per share

KUALA LUMPUR (Dec 15): UMW HOLDINGS BHD []’s
associate WSP Holdings Ltd has received a takeover offer from HDS
Investments LLC for 60 US cents per American Depositary share in cash.

UMW said on Thursday that WSP, a 22.3% associate which manufactures
seamless pipes for oil and gas exploration, had set up a special
committee of independent directors to consider strategic alternatives
which would enhance shareholder value.

The China-based WSP, had in the letter to the US Securities and
Exchange Commission, said HDS has had preliminary and informal talks
with Expert Master Holdings and some significant shareholders of the
company.

Expert Master Holdings is wholly owned by Longhua Piao, the company’s
chairman and chief executive officer. He is the major shareholder of
WSO with 50.9% of the paid-up.

HDS could be funding the takeover through its own capital, according
to WSP’s letter to the US Securities and Exchange Commission.

WSP is a leading manufacturer of oil country tubular goods (OCTG) in
China. Its products consist of seamless casing, tubing and drill pipes
which are used for oil and natural gas exploration, drilling and
extraction, and other pipes and connectors.