UMW Holdings Bhd is acquiring three parcels of leasehold land measuring a total of 24.56 acres in Lumut, Perak, for RM40 million for the development of an oil and gas fabrication yard.
In a statement yesterday, UMW said its JV company UMW Fabritech Sdn Bhd (UFSB) had entered into two separate sale and purchase agreements with Pro-Expert Sdn Bhd for the land.
UFSB, formed between UMW and DKLS Industries Bhd, was set up to undertake the fabrication of oil and gas offshore structures in Malaysia.
UMW said the new construction and fabrication facility in Lumut was expected to further strengthen UMW’s growing reputation as a leading provider of ancillary products and services to the oil and gas industry in the region.
Source : The Edge
