MISC Bhd is selling its 45% stake in Centralised Terminals Sdn Bhd (CTSB) to Dialog Group for RM193mil as it seeks to focus on energy related maritime services.
KUALA LUMPUR: MISC Bhd
is selling its 45% stake in Centralised Terminals Sdn Bhd (CTSB) to Dialog Group for RM193mil as it seeks to focus on energy related maritime services.
The liquefied natural gas (LNG) shipper said on Monday it had inked a deal to dispose 4.50 million shares and 10,800 redeemable preference shares of RM137mil and repayment of shareholders' advance on behalf of CTSB of RM56mil.
“The proposed disposal is in line with MISC’s initiative to divest MISC’s non-core tank terminal business, unlock the value of MISC’s investment in CTSB and to focus on its core business in the energy related maritime solutions and services,” it said.
CTSB owns 80% of Langsat Terminal (One) Sdn Bhd and Langsat Terminal (Two) Sdn Bhd. Both terminals provide of centralised tankage and tank terminal facilities to the oil, gas and petrochemical industry.
MISC expects the proposed disposal to be completed within one month.
Dialog currently has ownership of tank terminals in Pengerang Deepwater Terminal (between 25% and 46%) and Kertih Terminal (30%).
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