UMW Oil & Gas Corporation Berhad (KLSE:UMWOG) agreed to acquire 42.3% share of Icon Offshore Berhad (KLSE:ICON) from EKUITI Nasional Bhd for approximately MYR 280 million on January 19, 2017. UMW Oil & Gas Corporation Berhad will acquire 497.8 million shares of Icon Offshore Berhad by issuing 311.1 million shares at a price of MYR 0.885 per share. In a related transaction, UMW Oil & Gas Corporation Berhad made an offer to acquire remaining shares of Icon Offshore Berhad. The transaction is subject to approval of shareholders of UMW Oil & Gas Corporation Berhad, approval of creditors, approval of Bursa Securities, satisfactory due diligence, approval of Supreme Court and other conditions. The Directors of UMW Oil & Gas Corporation Berhad consider the deal in the best interest of the UMW. As of March 17, 2017, the period available to conduct due diligence was extended to April 19, 2017. As of April 19, 2017, the period available to conduct due diligence was extended to May 19, 2017, and the date available to the parties to fulfill, waive or complete the conditions precedent shall be extended by an additional three months to July 19, 2017. The deal is not expected to have any material effect on the earnings of UMW Oil & Gas Corporation Berhad. The deal is expected to be completed by the third quarter of 2017.

Maybank Investment Bank Berhad acted as financial advisor for UMW Oil & Gas Corporation Berhad. Munir Abdul Aziz and Sue Wan Wong of Messrs Wong & Partners acted as legal advisors for EKUITI Nasional Bhd.