KUALA LUMPUR (Sept 26): UMW Oil & Gas Corp Bhd rights shares fell as much as 3.5 sen or 88% on their maiden trading day to top Bursa Malaysia's active list at afternoon market break.
 
UMW Oil & Gas' rights shares were listed today under the stock short name UMWOG-OR at four sen each. At 12:30pm, UMWOG-OR settled at its lowest so far today at 0.5 sen, with some 792 million units traded.

Meanwhile, UMW Oil & Gas shares fell two sen to settle at 32 sen to become Bursa Malaysia's third most active stock. The stock saw some 53 million shares transacted.

UMW Oil & Gas had earlier proposed a renounceable rights issue of up to 6.05 billion new shares, on the basis of 14 rights shares for every five ordinary shares  held.

The corporate exercise includes the issuance of 1.51 billion free detachable warrants, on the basis of one warrant for every four rights shares.