Monogram Denim Shawl

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Monogram Denim Shawl


* 60% silk and 40% wool
* Printed with the Monogram patter
Ideal for everyday use, this luxuriously soft Monogram Denim shawl is subtle and very feminine. Entirely printed with the Monogram pattern, it features t...

Oil and gas consolidation begins The exit of UMW from the sector signals more mergers and acquisitions in the industry THE survival of the louis vuitton bracelet bow fittest in the Malaysian oil and gas (O sector seems to have just started, with the industry seeing its first consolidation move and thus opening up the prospects for more mergers in the struggling industry.

UMW Holdings Bhd (UMW) announced its move to steer out of the O industry on Thursday as it transferred the ownership of its subsidiary UMW Oil Gas Corp Bhd (UMW OG) back to investors in the company. With greater consolidation in the industry, more mergers and acquisitions (M will hopefully emerge to create financially stable O players to adapt well to the cyclical downturn which has affected the sector. The O sector consolidation, while much anticipated, has been dragging on for a long time due to the approach by the incumbent players. In fact, Petroliam Nasional Bhd (Petronas) president and CEO Datuk Wan Zulkiflee Wan Ariffin (pic) urged the industry to heed the call to combine forces and to become stronger players to out the storm some two years ago. (O companies in Malaysia are small in size and the industry is too fragmented and inefficient, he said. Even his predecessor Tan Sri Shamsul Azhar Abbas called for similar moves to further strengthen the affected industry. Impacted by the low price environment, UMW OG has in recent times registered poor financial results. In the first nine months of financial year 2016, the entity revenue slumped significantly by about 62% to RM267mil, year on year. UMW OG also posted a net loss of RM268mil in the same period. By exiting UMW OG which has been loss making and has high gearing ratio, the parent company UMW will be able to clean its balance sheet after its financial performance was pulled down because of its O ventures. Following its exit, UMW aims to redefine its corporate strategy, streamline its business model and reallocate its resources. According to UMW president and group chief executive officer Badrul Feisal Abdul Rahim, the conglomerate will be able to emphasise primarily on its three core businesses in the aftermath of exiting UMW OG. total exit from UMW OG will allow the group to focus on our three main businesses, namely, the manufacturing and engineering, automotive and equipment sectors. the last five years, the group has been gradually exiting from approximately 10 non listed O assets, says Badrul, adding that the conglomerate planned to dispose of its stake in 12 more assets. In 2017 alone, UMW foresees divestments in about six or seven O assets. In order to achieve its commitment to completely exit the O sector, UMW will have to make impairments for its non listed O assets. However, at this juncture, the quantum of the potential impairment has yet to be determined and will be disclosed in its final quarter results for 2016 that will be announced at end February. Analysts are positive on the de merger move by UMW as it is projected to benefit the group. believe the exercise is attractive and value accretive to existing shareholder of UMW because the option to realise one off cash dividend of up to 67 sen per share is equivalent to 14.5% dividend yield. shareholders will also be able to invest in UMW, without exposure towards UMW OG. of UMW OG will also improve earnings and the balance sheet of UMW, said Hong Leong Investment Bank in its note. Affin Hwang Capital Research anticipates a leaner balance sheet for UMW as gross gearing will fall from 0.91 times as at Dec 31, 2015, to 0.43 times. could be negative earnings impact from future impairments of its non listed O business prior to disposal. the distribution of UMW OG by end 2017, we estimate UMW earnings per share for financial year 2018 to increase by 46% to 27.8 sen as it will no longer consolidate UMW OG projected loss, said Affin Hwang. The exit of UMW from its listed O asset will be completed via a series of corporate exercises, which includes a dividend in specie and a capital injection estimated at RM750mil by its major shareholder Permodalan Nasional Bhd (PNB) into a new louis vuitton alma m51130 enlarged O outfit that will have Ekuiti Nasional Bhd (Ekuinas) as a shareholder. Under the exercise, UMW will distribute its 55.7% stake in UMW Oil and Gas Corp Bhd (UMW OG) to shareholders. Following that, UMW OG will take over Ekuinas 42.

3% stake in Icon Offshore Bhd, triggering a mandatory general offer. UMW OG will louis vuitton agenda damier azur offer Icon louis vuitton purses montreal shareholders an option of cash of 50 sen each share or one UMW OG share valued at 80 sen.

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