The Yinson privatisation timeline just got longer. The Securities Commission (SC) has extended the deadline to Nov 30 for major shareholders MISC Bhd (KL:MISC) and the Employees Provident Fund (EPF) to announce whether they intend to take Yinson Holdings Bhd (KL:YINSON) private.
Why Did the SC Extend the Yinson Privatisation Deadline to Nov 30?
The SC approved the extension in a letter dated Oct 19. It gives MISC and EPF more time to evaluate and discuss the exercise with YLSB.
YLSB is an investment vehicle linked to Lim Han Weng and his family. The exercise will be undertaken through a scheme of arrangement.
Nov 30 falls 41 days from today, 20 October.
Who Owns Yinson and How Much Is at Stake?
- Lim Han Weng and family: 27.68%
- EPF: 17.09%
- Retirement Fund Inc (KWAP): 6.84%
Together, the Lim family and EPF hold 44.77% of Yinson. Under the proposal, EPF would keep its existing effective stake.
If the deal goes ahead, MISC and YLSB would acquire the remaining 55.2% of Yinson shares. That acquisition would be carried out through a court-approved arrangement.
What Is the Proposed Yinson Privatisation Price?
Yinson received a letter from YLSB in August confirming discussions with MISC and EPF. The bourse filings say the deal still needs further evaluation, definitive agreements, a final offer price and other approvals.
An earlier report cited an indicative price of RM2.35 a share. That is about 10.8% above Yinson’s last close of RM2.12, though the final offer price has not been set.
How Are Yinson and MISC Shares Trading?
Yinson closed one sen or 0.47% lower at RM2.12 on Tuesday. Its market capitalisation stood at RM6.82 billion.
MISC rose six sen or 0.72% to RM8.41. The group is valued at RM37.54 billion, about 5.5 times Yinson’s market value.
How Does Yinson’s FPSO Fleet Compare With MISC?
Yinson operates eight floating production, storage and offloading (FPSO) vessels. Its other assets span Southeast Asia, South America and Africa.
MISC, which is 51%-owned by PETRONAS, runs six FPSOs and six other vessels. Its operations cover Malaysia, Thailand, Vietnam and Brazil. Yinson therefore has more FPSOs than MISC, eight against six.
What Does the Yinson Privatisation Mean for Shareholders?
The companies say there is no assurance the discussions will lead to the scheme. Shareholders are advised to exercise caution when dealing in their shares.
Investors may want to watch three items: the definitive agreements, the final offer price and the other approvals. MISC and Yinson have pledged further announcements if material developments occur. Readers tracking filings can compare company numbers using our AI Stock Analysis for Malaysians guide.
Key Takeaways
- The SC extended the deadline to Nov 30 for MISC and EPF to declare their intention on Yinson privatisation.
- Lim Han Weng’s family holds 27.68% of Yinson, and EPF holds 17.09%.
- MISC and YLSB would acquire the remaining 55.2% through a court-approved scheme if the deal proceeds.
- The indicative price of RM2.35 a share compares with Yinson’s RM2.12 close, but the final price is not set.
This article is for information only and does not constitute investment advice. Do your own research before making any decision on Yinson or MISC shares.
Frequently Asked Questions
Has the Yinson privatisation been confirmed?
No. The SC extended the deadline to Nov 30 for MISC and EPF to declare their intention. The companies say there is no assurance the discussions will result in the implementation of the proposed scheme.
What is the indicative price for the Yinson privatisation?
An earlier report cited an indicative price of RM2.35 a share. Yinson closed at RM2.12, and the final offer price has not been determined.
How much of Yinson does the Lim family own?
Lim Han Weng and his family hold a combined 27.68% stake in Yinson. EPF owns 17.09%, and Retirement Fund Inc (KWAP) holds 6.84%.
What is the deadline for MISC and EPF on the Yinson privatisation?
The deadline is Nov 30, after the SC approved the extension in a letter dated Oct 19. MISC and EPF must then announce whether they intend to take Yinson private.
Source: View Original Article — The content is based on the original publisher. Refer to the original content for accurate info. Contact us for any changes.
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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.
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