Yinson likely to lose syariah status

PETALING JAYA: Yinson Holdings Bhd is likely to lose its syariah-compliant status on Bursa Malaysia to finance its project known as floating production storage and offloading (FPSO) JAK, according to CGS CIMB Research.

“Yinson plans to draw down the new, non-shariah complaint US$800mil loan in February 2020, to pay off the current US$618m shariah-compliant loan, with the excess of US$182mil to be distributed to FPSO JAK’s shareholders in proportion to their shareholdings.