MISC Berhad is in preliminary discussions with Yinson Legacy Sdn Bhd, its affiliates and the Employees Provident Fund (EPF) over a potential privatisation of Yinson Holdings Berhad, with an indicative offer price of RM2.35 per share currently under consideration.
The shipping giant said the parties are exploring a proposal to privatise Yinson through a scheme of arrangement under Section 366 of the Companies Act 2016.
Under the proposed scheme, all remaining ordinary shares in Yinson not already held by YLSB and certain parties acting in concert with it would be acquired, while EPF is expected to retain its existing effective shareholding in Yinson.
MISC stressed that discussions remain preliminary and exploratory, with negotiations and further assessments still ongoing.
The shipping and maritime group said an indicative offer price of RM2.35 per Yinson share is currently being considered based on prevailing circumstances should the proposed privatisation materialise.
However, the final offer price could change and would depend on factors including due diligence and the commercial viability of the proposed transaction.
The proposed scheme is also subject to further evaluations and negotiations among the parties, the execution of definitive agreements, determination of a final offer price and other necessary approvals and conditions.
MISC cautioned that there is no assurance that the ongoing discussions will result in the proposed scheme being implemented.
The announcement does not constitute a firm intention to privatise Yinson, and there is currently no certainty that an offer or transaction will ultimately be made, it added.
