UMW Oil & Gas Corporation Berhad (KLSE:UMWOG) agreed to acquire 95.5% stake of Orkim Sdn Bhd from Ekuinas Capital Sdn Bhd for approximately MYR 470 million on January 19, 2017. Under the terms of the transaction, UMW Oil & Gas Corporation Berhad will acquire 37.09 million shares of Orkim Sdn Bhd at MYR 12.75 per share. The transaction will be funded through new borrowings. The transaction is subject to approval of shareholders of UMW Oil & Gas Corporation Berhad, approval of creditors, approval of Bursa Securities, satisfactory due diligence, approval of Supreme Court and other conditions. The directors of UMW Oil & Gas Corporation Berhad consider the deal in the best interest of the company. As of March 17, 2017, period available to conduct due diligence was extended to April 19, 2017. As of April 19, 2017, the period available to conduct due diligence was extended to May 19, 2017, and the date available to fulfill, waive or complete the conditions precedent shall be extended by an additional three months to July 19, 2017. The deal is not expected to have any material effect on the earnings of UMW Oil & Gas Corporation Berhad. The deal is expected to be completed by the third quarter of 2017. Maybank Investment Bank Berhad acted as financial advisor for UMW Oil & Gas Corporation Berhad in the transaction. Munir Abdul Aziz and Sue Wan Wong of Wong & Partners acted as legal advisors for Ekuinas.