MISC to acquire Yinson through a consortium – Sources
KUALA LUMPUR: MISC Bhd is said to be making an offer to acquire Yinson Holdings Bhd, which will see the creation of a giant owner and operator of floating production, storage and offloading (FPSO), with a combined asset of 23 offshore vessels.
MISC Bhd is reportedly pursuing an acquisition of Yinson Holdings Bhd through a consortium, with the potential inclusion of the Employees Provident Fund and Lim Han Weng as controlling shareholders. The deal would merge two offshore entities, creating a formidable player in the floating production, storage and offloading (FPSO) sector, with a combined fleet of 23 offshore vessels.
This acquisition is Yinson's second attempt to be taken private, following a failed partnership with Stonepeak Partners last year. The merged entity would have a significant presence in deepwater regions such as Brazil, Angola, Ghana, Nigeria, Malaysia, and Vietnam. However, the acquisition is not without concerns, as Yinson's high debt levels pose a challenge for MISC to absorb the group.
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