SC Extends Yinson Privatisation Deadline to Nov 30

The Securities Commission Malaysia (SC) has pushed back to Nov 30 the deadline for MISC Bhd and the Employees Provident Fund (EPF) to say whether they will proceed with the Yinson privatisation, The Edge Malaysia reported.

The extension, granted in an SC letter dated Oct 19, gives Yinson Legacy Sdn Bhd (YLSB), MISC and EPF more time to evaluate and negotiate the proposed take-private of Yinson Holdings Bhd, which would be carried out through a scheme of arrangement.

Deal Still Under Negotiation
How the Yinson Privatisation Would Work
FPSO Fleets and Market Value

Deal Still Under Negotiation

In separate filings with Bursa Malaysia, Yinson and MISC said the proposal is still subject to further evaluation and negotiations, the signing of definitive agreements, the setting of a final offer price and other required approvals and conditions.

Both companies cautioned that there is no assurance the talks will lead to the scheme being implemented. They said they would announce any material developments and urged shareholders to be careful when trading their shares.

How the Yinson Privatisation Would Work

The talks were first disclosed in August, when Yinson received a letter from YLSB, the investment vehicle of executive chairman Lim Han Weng and his family, confirming discussions with MISC and EPF.

If the deal proceeds, MISC and YLSB would acquire the remaining 55.2% of the company’s shares through a court-sanctioned arrangement, while EPF would keep its existing effective stake.

Lim and his family together hold 27.68% of Yinson, and EPF owns 17.09%. Retirement Fund Inc (KWAP), the civil servants’ pension fund, is another substantial shareholder with 6.84%.

FPSO Fleets and Market Value

The company runs eight floating production, storage and offloading (FPSO) vessels, along with other assets in Southeast Asia, South America and Africa. MISC, 51%-owned by Petroliam Nasional Bhd (PETRONAS), operates six FPSOs and six other vessels in Malaysia, Thailand, Vietnam and Brazil.

On Tuesday, Yinson shares closed one sen, or 0.47%, lower at RM2.12, giving it a market capitalisation of RM6.82 billion. MISC gained six sen, or 0.72%, to RM8.41, valuing the group at RM37.54 billion.

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