27th September 2017
MISC Berhad to divest 45% shareholding in Centralised Terminals Sdn Bhd (CTSB)
MISC Berhad (“MISC” or “the Company”) would like to announce today that the Company has entered into a Share Purchase Agreement (“SPA”) with Dialog Group Berhad (“Dialog”) for disposal of 45% equity interest held by MISC in CTSB. The total proceeds from the divestment is RM193 million comprising the purchase consideration for MISC’s shares and repayment of shareholder’s advances and accrued interest by Dialog on behalf of CTSB.
Upon completion of the SPA, CTSB will cease to be a joint-venture company of MISC and this marks MISC’s exit from the tank terminal business.
Commenting on the exit, Mr. Yee Yang Chien, President/Group CEO of MISC, said, “It has been a great pleasure working with Dialog over the past decade since 2007 and we wish Dialog the very best in its future endeavours. We also wish to take this opportunity to thank and express our appreciation for all the support and cooperation given by the CTSB management team. For MISC, this divestment will enable us to unlock the value of our investment in CTSB and take advantage of other opportunities within the energy and maritime industry.”
Moving forward, MISC will continue to strengthen its core businesses in providing international energy related maritime solutions and services. The transaction is expected to be completed within one month from the date of SPA.
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