KUALA LUMPUR: UMW Holdings Bhd has announced another three subsidiaries for winding up under the unlisted oil and gas segment.
The subsidiaries that have commenced liquidation are Arabian Drilling Services LLC, UMW Middle East Ventures Holdings WLL and UMW Oil & Gas Bhd.
UMW Holdings president and group chief executive officer Badrul Feisal Abdul Rahim said the exercise was in line with the UMW’s strategic plan to exit from its investment in the unlisted oil and gas segment, in which the group are making significant progress and well underway to conclude a complete exit from the sector.
“Following this, we will continue to execute our strategic initiatives to improve profitability and momentum, with stronger emphasis on growing our core businesses,” he said in a statement yesterday.
On Wednesday, UMW has commenced voluntary winding up of four of its subsidiaries, namely UMW Coating Technologies (Tianjin) Co Ltd, PFP (Shenzhen) Piping Materials Co Ltd, UMW China Ventures (L) Ltd and UMW Offshore Investment (L) Ltd.
Moving forward, UMW will focus on driving long-term growth through expansion and fostering innovation across its portfolio, balanced with a disciplined approach to capital investment. — Bernama