MISC confirms talks to take Yinson private at indicative RM2.35 a share

KUALA LUMPUR: MISC Bhd has announced it is in early talks with Yinson Legacy Sdn Bhd, its subsidiaries and the Employees Provident Fund (EPF) regarding a possible privatisation of Yinson Holdings Bhd. The proposed deal may see MISC acquiring all outstanding Yinson shares not already owned by Yinson Legacy and parties acting together, while EPF would retain its existing stake.

An estimated offer price of RM2.35 per Yinson share is being examined if the suggested scheme of arrangement moves forward, according to a filing with Bursa Malaysia. MISC cautioned that this price is not set in stone and may alter following due diligence, negotiations, and evaluation of the transaction's commercial feasibility.

The company noted that discussions are still in progress and the proposal is contingent on final agreements, regulatory and other prerequisites, as well as other conditions. Consequently, there's no guarantee that discussions will culminate in the implementation of the Proposed Scheme. MISC reiterated that the announcement does not equate to a definitive plan to privatise Yinson and there is no certainty that an offer or transaction will be finalized.

The company and Yinson have drawn attention from investors following reports of a consortium comprising MISC, EPF, and Yinson's controlling shareholder Lim Han Weng contemplating taking the FPSO operator private. MISC stated it will issue further updates as necessary under the relevant regulations.