Posted by offshore > 2017-04-26 12:04 | Report Abuse

UMW minorities are likely to support the demerger because UMWOG is pulling the parent company down. In fact, UMWOG is getting too big for UMW to swallow and at the sametime, UMW also needs to commit capital for expansion in UMW Toyota. To sweeten the deal, the minorities will get UMWOG shares as dividend.

UMW currently does have its own O&G business apart from UMWOG. That's why they also have big impairment.

Posted by JoshuaMS7 > 2017-04-26 12:22 | Report Abuse

so umwog will be back to 1.00 soon??

Posted by offshore > 2017-04-26 12:47 | Report Abuse

At the first place, we are not sure if this is driven by PNB. It came out in the Edge way back in February stating that it was UMW's President that went to see Ekuinas in Q3 16 on this merger. At that time, the current PNB CEO has already left Ekuinas for a long time and just joined PNB. So it was not really something that was structured by the current PNB CEO when he was in Ekuinas. Perhaps, he may even know a lot of skeletons in Icon or Orkim when he was in Ekuinas and now being the resistant in this merger. Coincidently, he was also appointed as the Deputy Chairman of UMWOG when this proposal was announced.

Posted by naimfm > 2017-04-26 13:18 | Report Abuse

After the merger with I-con, UMWOG will be renamed to PNB-con since they have con all the minority shareholders.

Posted by newbie5354 > 2017-04-26 14:56 | Report Abuse

Even 70 sen also difficult how to dream higher? So UMW to own back UMW OG?

JoshuaMS7 so umwog will be back to 1.00 soon??
26/04/2017 12:22

Posted by newbie5354 > 2017-04-26 14:58 | Report Abuse

Sifus if reject merger what option I have?

Posted by naimfm > 2017-04-26 15:04 | Report Abuse

AmInvestment Bank Research has upgraded UMW Oil and Gas Corp (UMW-OG) to “buy” from “hold” with a higher fair value of 80 sen, based on book value at a 20% discount on the cost of the group’s rigs.

Read more at http://www.thestar.com.my/business/business-news/2017/04/26/aminvestment-upgrades-umw-og-to-buy-raises-target-price-to-80-sen/#H5E6PEBtlZbK0EBT.99

Posted by newbie5354 > 2017-04-26 15:08 | Report Abuse

Can trust Ambank? Why 70 sen difficult despite "good news"?

Posted by offshore > 2017-04-26 19:02 | Report Abuse

Still have concern if demerger to proceed as UMWOG will no longer be part of UMW group. May not fly back to pre-annoucement price.

Posted by confuse > 2017-04-26 22:42 | Report Abuse

Even back to pre merger announcement will UMW take back UMW OG? If no who is the head? Who is the 1 who want merger?

Posted by chamlo > 2017-04-27 01:37 | Report Abuse

Why not up to 80 sen or RM 1? Not merger cancel?

Posted by Hunter Cho > 2017-04-27 11:12 | Report Abuse

only put on hold to continue discussion, not cancelled yet lah

Posted by offshore > 2017-04-27 11:43 | Report Abuse

PNB is another investment company just like EPF. They don't interfere in the management. Their presence probably will provide better bargaining terms when dealing with clients or bankers. But they don't print money and is still responsible to their trust fund unit holders on investment returns.

Not worth taking it private unless the share price is deeply in discount to NBV. I still think the rigs are overvalued after the impairment. You may ask how the mgmt calculate their impairment during agm. Some companies use valuation method and some use DCF method. If they use DCF method, they can put in a lot of assumptions to justify the impaired value to their auditor. It's very subjective and judgemental.

Posted by naimfm > 2017-04-27 19:49 | Report Abuse

PNB & Ekuinas are not like EPF lah. They are real con. Most transaction done using insider information. See what happened to ICON. from 0.30 went to 0.50 and now only 0.40. All because of the proposal by PNB & Ekuinas. They even already set the market direction just within 10 minutes of market opening. Do you think UMWOG will still buy ICON at 0.50? So, where is the notification to Bursa? All news are kept within themselves. They will decide what to do first, then will inform other shareholders. For 3 months, UMWOG shares are traded within controlled price irregardless of the volumes. How is it possible? Unless the big shareholders are the conman.

Posted by lachai2004 > 2017-04-27 20:19 | Report Abuse

if the deals mentioned for months don't work out, means that credentials of PNB will be shaken for any other future deals, such as demeger in sime, maybank...

Posted by newbie66 > 2017-04-27 21:48 | Report Abuse

The way Star news yesterday mean merger already cancelled? If not why Icon keep dropping? But then why isn't UMW OG climbing if it is good for them not to merge?

Posted by offshore > 2017-04-27 23:27 | Report Abuse

I have a feeling this whole thing did not go through PNB. The UMW CEO already admitted in the Edge that this whole thing is not PNB-driven. Why are so many people still think this is a done deal between PNB and Ekuinas? Anyway, SPA is actually signed subject to CPs being met. The only way out is both parties walk away. I am sure either side or both sides is trying to frustrate the whole proposal.

Posted by Andrew62 > 2017-04-28 09:07 | Report Abuse

From opening bell the deal is ofd.

Posted by posby > 2017-04-28 09:10 | Report Abuse

buybuybuy......yest even down..but buy rate 60%..day be4 off market trade 0.650

Posted by rijack88 > 2017-04-28 09:26 | Report Abuse

can buy some as now is bottom already. Drop also wont be much. buy buy buy

Posted by offshore > 2017-04-28 09:35 | Report Abuse

My bet is merger off, demerger on. There should be some announcement end of today.

Short term wise, can buy as quarterly result should be quite positive after some big impairment and potential new contracts. Long term wise, I still expect further impairment in Q4 17 and concern on its ability to break even with the current day rate and whatever interest they are paying to the bank.

Jeff must be an insider, even know when is the board meeting.

Posted by rijack88 > 2017-04-28 09:41 | Report Abuse

0.675 d. buy buy buy before reach 0.8!

Posted by posby > 2017-04-28 09:44 | Report Abuse

new pop up on the star this morning..

Posted by posby > 2017-04-28 09:49 | Report Abuse

twice 675 previous bull...if break now...den 0.700

Posted by chanyh > 2017-04-28 09:56 | Report Abuse

gogogo, break through 0.7 xD

Posted by rijack88 > 2017-04-28 10:02 | Report Abuse

sure break by today!

Posted by posby > 2017-04-28 10:14 | Report Abuse

let c how....crawling back slowly...all the naga block started....will show @ coming QR...

Posted by offshore > 2017-04-28 10:34 | Report Abuse

Don't forget, demerger still likely to happen. Not sure how that will affect the share price.

Posted by winmal > 2017-04-28 11:01 | Report Abuse

worse is over to UMWOG, those funds bought during IPO all suffer now... how much do you think go down futher

Posted by limch > 2017-04-28 11:03 | Report Abuse

If no merger is UMW OG cheap at 68 sen? So coming 2017 QR EPS 5 sen and above?

Posted by limch > 2017-04-28 11:07 | Report Abuse

Rowie if you think Icon overprice how about UMW OG itself? Not overpriced?

Rowie Dont worry on that matter, business as usual with shares now directly owned by same shareholders who will want the company to succeed
First focus on pre-merger price level, funding will come later & no need deep discount
Can do rights issue at 1.00 instead of 50 sen by buying over-priced assets
28/04/2017 10:46

Posted by limch > 2017-04-28 11:08 | Report Abuse

I suggest merger between Icon and Orkim better.

Posted by offshore > 2017-04-28 11:08 | Report Abuse

Funding will come? Don't know how long this company can last. I am sure asset disposal is one of the many options they are considering. If they are really selling the rigs, you can forget the share price to fly cause this will realise the impairment made and instead of reversal of impairment when the industry bounce back later.

Posted by JoshuaMS7 > 2017-04-28 11:19 | Report Abuse

it may rebound back 0.800 - 1.00 soon!!

Posted by limch > 2017-04-28 11:20 | Report Abuse

If you think you lose so much money because of IPO blame it on M'sian culture. They simply approve IPO without thinking the consequences post IPO. IPO is good for founders or owner not us retailers for many counters.

Posted by Hunter Cho > 2017-04-28 11:26 | Report Abuse

at last, now they are making sense of the deal - any further utilisation of the spare capacity and assets? and how much more will petronas able to give?

Posted by limch > 2017-04-28 11:47 | Report Abuse

Petronas has many choices why must choose UMW OG?

Posted by Jeff10 > Apr 28, 2017 11:32 AM | Report Abuse
Best is sell UMWOG to PETRONAS at NTA plus some premium so habis cerita

Posted by Seven7Seven > 2017-04-28 12:11 | Report Abuse

Hi offshore, thanks for sharing the thought on UMW-OG. I think UMW-OG minorities should reject the acquisition of ORKIM and Icon Offshore in order not to destroy more value of the company. As for UMW Holdings shareholder they should vote for de-merger to go through. Best combination. Win-Win for UMW Holdings and UMW-OG shareholders. But losers will be Icon Offshore shareholders.

Posted by limch > 2017-04-28 12:20 | Report Abuse

We already lose even merger not concluded. More questions are can UMW OG do better without merger?

Seven7Seven Hi offshore, thanks for sharing the thought on UMW-OG. I think UMW-OG minorities should reject the acquisition of ORKIM and Icon Offshore in order not to destroy more value of the company. As for UMW Holdings shareholder they should vote for de-merger to go through. Best combination. Win-Win for UMW Holdings and UMW-OG shareholders. But losers will be Icon Offshore shareholders.
28/04/2017 12:11

Posted by labu83 > 2017-04-28 12:51 | Report Abuse

Tecnical will push up above 72 Sen

Posted by Hunter Cho > 2017-04-28 12:54 | Report Abuse

yes fight fight fight

Posted by offshore > 2017-04-28 13:09 | Report Abuse

Petronas is a lot more smarter and won't touch this business. They don't need the rig all the time and it's a cyclical industry. Why get stuck with something you don't often use but depreciate everyday and need to dry dock every 5 years, even if you don't use the rig for the entire 5 years. In fact, I don't recall any oil companies that actually own rigs. They rather sub this drilling job out to 3rd party so that there is someone to blame in case of an accident.

Posted by billy43 > 2017-04-28 13:39 | Report Abuse

below 50cts then ok

Posted by Hunter Cho > 2017-04-28 14:15 | Report Abuse

will they rescue one company or all three companies or none? you decide....

Posted by limch > 2017-04-28 14:40 | Report Abuse

UMW drop today so must take back UMW OG?

Posted by rijack88 > 2017-04-28 14:46 | Report Abuse

can still buy this counter?

Posted by Hunter Cho > 2017-04-28 14:50 | Report Abuse

hi limch, there is no drop only price fluctuation now...let's see end of day

Posted by Hunter Cho > 2017-04-28 14:59 | Report Abuse

to buy or not to buy wait till between 4 and 4.30, if price moving up buy quickly..

Posted by roslaom > 2017-04-28 15:00 | Report Abuse

PETRONAS used to own a rig name Parameswara in the mid 80s.

Posted by rijack88 > 2017-04-28 15:24 | Report Abuse

i enter some on 665. hope it will go up!.