MMC Corp To Sell Oil, Gas Services Unit For $11.2 Million


Old news. But, how does MMCOGE maintain its BEM status as a Engineering Consultancy Practice (ECP) with the new ownership? Someone might want to open that can of worms, or pay me to hide it.

Dateline 2017-01-20, Nikkei Asian Review:

Malaysia’s MMC Corp plans to sell its oil-and-gas services unit for 50 million ringgit ($11.2 million), reflecting a broader consolidation effort sweeping the local oil-and-gas sector.

MMC Corp, a logistics and utilities company, will dispose of its entire stake in wholly-owned MMC Oil & Gas Engineering to privately-held Melati Pertiwi, the company said in a stock exchange filing. Cash proceeds from the deal will be used to repay bank borrowings, it said.

“The proposed disposal will enable MMC to streamline its business operations and focus on the core businesses of MMC” of logistics, utilities, and construction, the company added.

The deal comes at a time when the industry swoons under pressure from protracted low oil prices that prompted major producers globally to cut capital spending and scale back expansion. Despite a recent rebound, crude oil price remains sharply below the triple-digit levels seen mid-2014.

 

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