Yinson Clarifies It Has Not Accepted RM2.50 Privatisation Proposal

KUALA LUMPUR, Nov 10 (Bernama) -- Yinson Holdings Bhd has clarified that it has not accepted the proposed privatisation scheme or the terms of the proposal letter involving its major shareholders' plan to privatise the company at RM2.50 per share.

“The board has noted media reports stating or suggesting that the company has accepted the proposed scheme. The board wishes to clarify that the company has not accepted the proposed scheme or the terms of the proposal letter,” it said in a filing with Bursa Malaysia today.

Yinson said a director had inadvertently signed the copy of the proposal letter attached to its earlier announcement, with the signature intended solely to acknowledge receipt of the letter on behalf of the company.

It noted that the signature was not made pursuant to any board decision or resolution and should not be construed as acceptance of the proposed scheme or its terms.

“The signed acceptance page has not been returned to the joint offerors and the joint ultimate offerors as required under Section 10 of the proposal letter,” Yinson said, adding that it has until Dec 4 to respond to the proposal.

The company said it would make a further announcement once the board had reached a decision.

-- BERNAMA