MISC buys stake in VTTI for RM2.36bil

PETALING JAYA: MISC Bhd has proposed to buy a 50% stake in global tank terminal firm VTTI BV for US$735mil (RM2.36bil) in a move that will give the home-grown shipping giant immediate access to strategically located assets at the “crossroads of major products and energy shipping lanes of the world,” the company said.

“The acquisition of 50% interest in VTTI is a key element in developing the company’s global tank terminal business, in line with MISC’s strategy to expand its service offerings across the value chain,” president and chief executive officer Amir Hamzah Azizan said in the statement yesterday.