KUALA LUMPUR: Yinson
Legacy Sdn Bhd (YLSB), MISC Bhd and the Employees Provident Fund (EPF) have been granted an extension until Nov 30 to announce their firm intention on the proposed privatisation of Yinson Holdings Bhd.
In a filing with Bursa Malaysia, Yinson said the Securities Commission Malaysia (SC) had approved the extension on Oct 19, allowing the parties more time to evaluate and discuss the proposed privatisation scheme.
The company said it received a letter from its major shareholder YLSB informing it of the approval.
The proposed privatisation, which carries an indicative offer price of RM2.35 per share, is expected to be undertaken via a scheme of arrangement under Section 366 of the Companies Act 2016.
Yinson said the proposal remains subject to further evaluations and negotiations among the parties, the execution of definitive agreements, determination of the final offer price and other necessary 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 said.
The company advised shareholders to exercise caution when dealing in its shares and said it would make further announcements on any material developments.
