SC Malaysia extends Yinson privatisation intention deadline to 30 Nov

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Yinson privatisation deadline extension

Highlights

The Securities Commission Malaysia has extended the deadline to 30 Nov for MISC Bhd and EPF to state their intention to privatise Yinson Holdings Bhd.
If it proceeds, MISC and Yinson Legacy will acquire the remaining 55.2% of Yinson shares through a court-approved scheme, while EPF retains its existing stake.
Yinson shares fell 0.47% to RM2.12, with a market capitalisation of RM6.82 billion, while MISC shares rose 0.72% to RM8.41, with a market value of RM37.54 billion.

This article was translated from the original. Read the original version by our correspondent here.

Deadline extension and proposed structure

As reported by The Edge Malaysia, the Securities Commission Malaysia has extended the deadline to 30 Nov for MISC Bhd and the Employees Provident Fund to state whether they intend to take Yinson Holdings Bhd private. The approval was granted through a letter dated 19 Oct.

The extension allows Yinson Legacy Sdn Bhd, an investment vehicle linked to Yinson executive chairman Lim Han Weng and his family, together with MISC and EPF, to continue evaluating and discussing the transaction, which will be implemented through a scheme of arrangement.

According to Yinson and MISC's exchange filings, the proposal remains subject to further evaluation and negotiations, the execution of definitive agreements, determination of the final offer price, as well as other required approvals and conditions. There is no assurance that the current discussions will lead to the implementation of the proposed scheme.

In August, Yinson received a letter from Yinson Legacy, which is owned by Lim and his family, confirming discussions with MISC and EPF to delist the company through a privatisation exercise. If the transaction proceeds, MISC and Yinson Legacy will acquire the remaining 55.2% stake in Yinson through a court-approved arrangement, while EPF retains its existing effective stake.

Impact on shareholdings and the FPSO sector

Lim and his family currently hold a 27.68% interest in Yinson, while EPF owns 17.09%. Another major shareholder is the Retirement Fund Incorporated, or KWAP, with a 6.84% stake in the company.

Yinson operates a fleet of eight floating production, storage and offloading vessels, or FPSOs, along with other assets in Southeast Asia, South America and Africa. MISC, which is 51% owned by Petroliam Nasional Bhd, operates six FPSOs and six other vessels in Malaysia, Thailand, Vietnam and Brazil, making this proposal significant to the regional energy shipping landscape.

Yinson shares closed down one sen, or 0.47%, at RM2.12 on Tuesday, giving the group a market capitalisation of RM6.82 billion. MISC shares rose six sen, or 0.72%, to RM8.41, with a market value of RM37.54 billion.

In our earlier coverage of FBM KLCI weakness, the benchmark index declined as concerns over U.S. inflation and the interest rate outlook again weighed on sentiment, alongside continued net foreign selling. We also highlighted pressure on technology and semiconductor stocks, including declines in YTL Power and ViTrox, as investors reassessed risks and valuations in AI-related sectors.

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