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Rig operator's move sparks rush for the exit

UMW Oil & Gas slumps to new low as investors query steep premiums in its acquisition of Icon and Orkim

Published Mon, Jan 23, 2017 · 09:50 PM
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Kuala Lumpur

SHARES of Malaysian drill rig operator UMW Oil & Gas Corporation (UMWOG) slumped to a new low of 68 sen on Monday as investors reacted negatively to a proposed consolidation with two other sector players amid the oil price slump. Even at the worst of the oil price collapse, its shares had fared better.

In the sector's first major consolidation exercise, valuations are proving a sticky point as investors question the steep premium accorded to offsh…

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