The agreement provides for the option to issue additional RCPS of up to US$500mil within 24 months from closing.
PETALING JAYA: Yinson
Production has closed a US$1bil investment from a consortium comprising a wholly-owned subsidiary of the Abu Dhabi Investment Authority, and funds managed by British Columbia Investment Management Corp and RRJ Group.
In a statement, Yinson Production said it had inked a definitive agreement on Jan 14, 2025, and satisfied the closing conditions, including regulatory approvals and approval by the shareholders of Yinson Holdings Bhd.
The investment is made through the issuance of US$1bil of redeemable convertible preferred shares (RCPS) and warrants by Yinson Production Offshore Holdings Limited, a newly established UK-based holding company.
The agreement provides for the option to issue additional RCPS of up to US$500mil within 24 months from closing, subject to agreement. Upon closing, the investors funded the first tranche of US$300mil, of which US$200mil has been used for a special distribution to Yinson.
The remaining US$700mil of committed RCPS will be called in up to three installments by December 2026.
