Malaysia's UMW Oil given more time for Icon and Orkim deals
Malaysian offshore oilfield services provider UMW Oil and Gas has been given
more time to complete the acquisition of firms Icon and Orkim.
The company announced their intention to purchase Icon Offshore Berhad in
January this year in a deal worth $132million.
They also announced plans to buy Orkim for $106.2 million.
But UMW agreed to extend the period available to conduct due diligence on
both companies, in letters sent this week.
The period available to conduct due diligence on the firms has been extended
until 19 May 2017.
The cut-off date for the parties to fulfil, waive or complete the deal will
be extended by an additional three months to 19 July 2017.
Speaking when the takeover plans were announced, Rohaizad Darus, UMW-OG's
president said: "This exercise aims to create a major integrated offshore
service provider with diversified earnings through exposure in the upstream
and downstream segment of the oil & gas industry."
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Link to Original Article:
https://www.energyvoice.com/oilandgas/137103/malaysias-umw-oil-given-time-ic
on-orkim-deals/
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John Diecker
APT Consulting Group Co., Ltd.
www.aptthailand.com
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