KUALA LUMPUR: Discussions between MISC Bhd
, Yinson Legacy Sdn Bhd (YLSB) and the Employees Provident Fund (EPF) over the proposed privatisation of Yinson Holdings Bhd remain ongoing, with the indicative offer price unchanged at RM2.35 per share.
In a letter to Yinson Holdings’ board, YLSB said the proposed privatisation would be undertaken via a scheme of arrangement under Section 366 of the Companies Act 2016.
“The proposed Scheme, if implemented, is expected to involve the acquisition, by MISC and the company, of all remaining ordinary shares in the offeree (amounting to approximately 55.20% of the issued share capital of the Offeree) not already held by the company, certain parties acting in concert with it, and EPF,” it said.
Upon completion, MISC and YLSB are expected to hold equal interests in Yinson Holdings, while EPF would retain its existing effective shareholding.
YLSB said the proposal remains subject to further evaluation and negotiations, the execution of definitive agreements, determination of the final offer price and other requisite approvals and conditions.
“Accordingly, there can be no assurance that the discussions will lead to or result in the implementation of the proposed scheme,” it stressed.
It advised shareholders and investors to exercise caution when dealing in Yinson Holdings securities.
