Malaysia's UMW Holdings' subsidiary UMW Petropipe Ltd. is acquiring a 60-per-cent stake in Singapore-based shipbuilding and repair company Offshore Construction Services Pte Ltd. (OCS) for S$9.6 million (US$6.8 million) to strengthen its fabrication business.
UMW and its 70-per-cent-owned Singapore-based subsidiary, Vina Offshore Holdings Pte Ltd., haveentered into a sale and purchase agreement with Neo Teck Seng and Goh Mary to acquire 300,000 shares of OCS. OCS operates a 10,003-square-metre (107,671-sq-ft) fabrication yard with a waterfront along the Gul Basin in Jurong, Singapore.
UMW is reportedly eyeing businesses in the Middle East oil and gas sector. UMW's Group Managing Director, Datuk Abdul Halim Harun, recently told local reporters that the company would focus on upstream activities, such as tubing and casing, and market its products and services to the Middle East market. Businesses from the oil and gas sector now contribute 25 per cent to UMW's net profit.
UMW and its 70-per-cent-owned Singapore-based subsidiary, Vina Offshore Holdings Pte Ltd., haveentered into a sale and purchase agreement with Neo Teck Seng and Goh Mary to acquire 300,000 shares of OCS. OCS operates a 10,003-square-metre (107,671-sq-ft) fabrication yard with a waterfront along the Gul Basin in Jurong, Singapore.
UMW is reportedly eyeing businesses in the Middle East oil and gas sector. UMW's Group Managing Director, Datuk Abdul Halim Harun, recently told local reporters that the company would focus on upstream activities, such as tubing and casing, and market its products and services to the Middle East market. Businesses from the oil and gas sector now contribute 25 per cent to UMW's net profit.