Yinson nears completion of Fred Olsen Production takeover

PETALING JAYA: Yinson Holdings Bhd is a step closer to completing its purchase of Fred Olsen Production ASA (FOP) after it received acceptances totalling 72.53% from the Norwegian firm.

It told the stock exchange yesterday its unit Yinson Production Ltd, which was incorporated to facilitate the takeover, has the rights to acquire 11.64 million shares, or 11%, in FOP, on top of the 65.19 million shares, or 61.54%, it had secured via an earlier agreed irrevocable and unconditional pre-acceptance of the offer from FOP’s parent First Olsen Ltd.