Malaysian infrastructure giant MMC Corporation said it has sold its oil and gas engineering subsidiary for 50 million ringgit (US$11.2 million) in cash.
MMC said one of its subsidiaries had entered into a share purchase agreement with Malaysian private company Melati Pertiwi for the disposal of its 100% interest in MMC Oil & Gas Engineering.
The divestment was in line with MMC's monetisation programme for non-core assets "as well as taking into consideration that the oil and gas industry worldwide is presently facing a downturn where the prolonged lower oil price has hit the industry hard which in turn has created a challenging environment for companies operating within the said industry," said MMC.
