MISC-led Consortium Offers RM2.50 Per Share To Take Yinson Private In RM4.03 Bln Deal
KUALA LUMPUR, Nov 6 (Bernama) -- A consortium comprising MISC Bhd and Yinson Holdings Bhd’s (YHB) major shareholders Yinson Legacy Sdn Bhd (YLSB) and the Employees Provident Fund (EPF) have proposed to take YHB private in a deal valued at RM4.03 billion.
The proposal involves acquiring the remaining ordinary shares in the global energy infrastructure company at RM2.50 apiece through a members' scheme of arrangement under Section 366 of the Companies Act 2016.
In a filing with Bursa Malaysia today, MISC said the joint offerors have served a proposal letter to YHB's board of directors for its consideration.
According to the letter, the joint offerors and joint ultimate offerors -- including YHB group executive chairman Lim Han Weng -- do not intend to maintain the company's listing status.
“Its shares are expected to be delisted from Bursa Malaysia Securities Bhd's Main Market subject to the relevant approvals,” MISC said today.
The joint offerors comprise MISC OBU Holdings (L) Pte Ltd (MOHPL), an indirect wholly-owned subsidiary of MISC; Kwasa Layar Sdn Bhd, a wholly-owned subsidiary of EPF; YLSB and YLSB’s unit MY Offshore Holdings Sdn Bhd (MYOHSB).
The joint ultimate offerors also include MISC, YLSB’s major shareholder Lim, and EPF.
On completion of the exercise, MOHPL, YLSB and Kwasa Layar are expected to hold effective interests of about 41.46 per cent, 41.46 per cent and 17.07 per cent, respectively, in YHB through MYOHSB.
As part of the proposed restructuring, Lim and his children will transfer their respective YHB shares to YLSB before the proposed scheme becomes unconditional. This internal reorganisation will increase YLSB's direct shareholding in YHB from about 27.17 per cent to 27.73 per cent.
EPF will also transfer its entire 17.072 per cent shareholding in YHB to its wholly-owned subsidiary, Kwasa Layar, within 10 business days from the date the proposed scheme becomes unconditional.
MISC said it and YLSB would provide funding to MYOHSB to settle the scheme consideration.
“MISC's portion of the funding is expected to comprise approximately 75 per cent bank borrowings and 25 per cent internal funds, although the final composition may vary depending on prevailing market conditions, including interest rates, and the group's operational requirements,” it added.
In a separate filing, YHB confirmed that it has received the proposal letter from the joint offerors and joint ultimate offerors, notifying the company of their intention to privatise YHB through the proposed scheme.
On the rationale, MISC said the proposed scheme will provide MISC with an opportunity to acquire a substantial strategic interest in YHB, a global energy infrastructure group involved in the development, ownership, operation and management of floating production, storage and offloading (FPSO) and floating storage and offloading (FSO) assets.
“The proposed scheme is consistent with MISC Group’s strategy to strengthen and expand its offshore business.
“YHB's portfolio of long-term contracted assets, project development and execution capabilities, and geographical presence are expected to complement the group's existing offshore capabilities,” it said.
MISC said the proposed scheme would broaden MISC's exposure to long-term growth opportunities in the global offshore energy infrastructure market, which is characterised by large, technically complex and capital-intensive projects requiring strong execution capabilities, operational experience, customer relationships and access to capital.
“The board believes the proposed scheme would strengthen MISC Group's competitive positioning and its ability to pursue future offshore energy infrastructure opportunities,” it added.
MISC had on Aug 28, 2026, announced that it was engaged in preliminary and exploratory discussions with YLSB and other stakeholders, including YLSB affiliates and EPF, on a potential proposal to privatise YHB.
At the close today, YHB shares were down 0.44 per cent at RM2.26.
-- BERNAMA