Malaysian offshore drilling and services provider UMW Oil & Gas is changing its name to Velesto Energy, starting Monday 21, 2018.
The proposal to change the name was announced in April 2018, after having been approved by the Companies Commission of Malaysia (“CCM”) on March 15, 2018.
The proposed change of name was subject to the approval being obtained from the shareholders of the company at a general meeting. The approval was granted last week.
In a statement on Monday, UMW Oil & Gas said:”The Board of Directors of the Company wishes to announce that the Company has today received the Notice of Registration of New Name dated 21 May 2018 issued by the Companies Commission of Malaysia. Accordingly, the name of the Company has been changed from “UMW Oil & Gas Corporation Berhad” to “Velesto Energy Berhad” with effect from 21 May 2018.”
UMW Oil & Gas operates within the upstream segment of the oil and gas industry through the provision of offshore drilling, hydraulic workover, threading, repair, and inspection services.
The company has decided to change the name following its demerger from UMW Holdings Berhad in 2017. The new name is part of the company’s rebranding strategy to position itself to have a new corporate identity for its existing and future undertakings.
Offshore Energy Today Staff