UMW O&G changes name to Velesto Energy

by TMR

UMW Oil & Gas Corp Bhd will be changing its name to Velesto Energy Bhd effective Friday, May 25, it exchange filing yesterday noted.

Chairman Datuk Abdul Rahman Ahmad (picture) said the new name reflected its independence from the previous holding company.

He explained the root word “veles” meant “dragon” in the Slovak language, which is an extension of the company’s jack-up drilling rigs called the “Naga” fleet.