Yinson Holdings said on Friday a consortium backed by its top shareholders and shipping major MISC put forward a proposal to privatise the energy infrastructure firm at a valuation of 7.31 billion ringgit ($1.80 billion).
The offer price of 2.50 ringgit per share is 6.4% higher than the preliminary offer in August and at a 10.6% premium to its last closing price.
The consortium includes Malaysian state oil producer Petronas IPO-PETO.KL–backed MISC‘s unit, Yinson‘s top shareholder Yinson Legacy and a unit of Malaysia’s retirement fund Employees Provident Fund Board, which is also a major Yinson shareholder.
The consideration payable by the consortium for Yinson‘s shares not already owned is 4.03 billion ringgit.
The privatization would give Yinson more flexibility to fund long-cycle, capital-intensive projects without public-market pressures, and would open the door to collaboration with MISC.
The Employees Provident Fund Board holds a nearly 15.5% stake in MISC and Yinson Holdings each, according to LSEG-compiled data.
Reuters
