Yinson privatisation talks continue, indicative price unchanged

KUALA LUMPUR: Discussions are ongoing regarding a potential privatisation of Yinson Holdings Bhd and MISC Bhd, with the indicative offer price of RM2.35 per share remaining unchanged. The proposed deal would be executed through a scheme of arrangement under Section 366 of the Companies Act 2016, as stated in recent filings with Bursa Malaysia.

However, the transaction is not guaranteed, as it is contingent upon further negotiations, the signing of definitive agreements, a final offer price, and necessary regulatory approvals. Last month, Yinson Legacy Sdn Bhd, the investment vehicle of Yinson's executive chairman and his family, sent a letter confirming that they were in talks with MISC and the Employees Provident Fund (EPF) to privatise Yinson.

If an agreement is reached, MISC and Yinson Legacy would acquire a 55.2% stake in Yinson, while EPF would maintain its existing effective stake. Lim Han Weng and his family collectively hold a 27.68% stake, while EPF owns 17.09%. Retirement Fund Inc, also known as KWAP, possesses a 6.7% stake. Upon completion, MISC and Yinson Legacy are anticipated to have equal interests in the company.

Yinson operates eight FPSOs, with operations in Southeast Asia, South America, and Africa. MISC owns six FPSOs and six vessels operating in Malaysia, Thailand, Vietnam, and Brazil. Yinson also manages 557 megawatts of renewable energy assets, with an additional 148MW under construction in India, Peru, and New Zealand. The group also manages electric vehicle charging stations in Malaysia and Singapore.