UMW Holdings Bhd has announced the commencement of the member’s voluntary winding up (“liquidation”) for four of its subsidiaries under the Unlisted Oil & Gas segment. The subsidiaries that have commenced liquidation are:
Petronas, through its subsidiary, PC Oman Ventures Ltd., (“PCOVL”) acquired a 10% stake in Block 61, onshore Oman from Makarim Gas Development LLC (“MGD”), a subsidiary of Oman Oil Company Exploration & Production LLC (OOCEP), after the conditions for the completion of the transaction were fulfilled.
The completion of the transaction was formalised at an event held in Muscat, Oman on 27 December 2018. PCOVL holds a 10% stake while MGD holds a 30% stake and BP Exploration (Epsilon) Limited as the Operator holds the remaining 60% stake.
Berjaya Corporation Bhd registered a lower revenue of RM1.99 billion as compared to the revenue of RM2.19 billion reported in the corresponding quarter of the previous year mainly due to lower revenue contribution from the consumer products and services segment and the property segment.
The consumer products and services segment are operating in an intensely competitive trading environment, pervaded with numerous online marketing portals as well as
other direct selling competitors. Revenue from the property segment has decreased following a slowdown in the sales of the Group's high-end projects.