MISC, EPF get until Nov 30 to state intentions on Yinson privatisation
The proposed scheme remains under discussion, with the final offer price, definitive agreements and required approvals still outstanding.
MISC Bhd and the Employees Provident Fund (EPF) have been given until Nov 30 to announce their intentions regarding a proposed privatisation of Yinson Holdings Bhd, according to filings by Yinson and MISC.
The Securities Commission Malaysia approved the extension in an Oct 19 letter. It gives the parties more time to assess and discuss the scheme of arrangement with Yinson Legacy Sdn Bhd (YLSB), an investment vehicle owned by Yinson executive chairman Lim Han Weng and his family.
The companies said further assessment and negotiations were needed. Definitive agreements, the final offer price and the necessary approvals and conditions also remain outstanding. They cautioned that the talks might not lead to the scheme being implemented.
Yinson received a letter in August from YLSB confirming that privatisation discussions were taking place with MISC and EPF. Should the transaction proceed, MISC and YLSB would buy the remaining 55.2% of Yinson through an arrangement approved by the court, while EPF would retain its existing effective holding.
Lim and his family together hold 27.68% of Yinson, while EPF has 17.09%. Retirement Fund Inc, also known as KWAP, is another substantial shareholder with 6.84%.
Both companies said material developments would be followed by further announcements. They also urged shareholders to be cautious when trading their shares.
