Thursday 28 Mar 2024
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KUALA LUMPUR: Tanjung Offshore Bhd, which recently aborted a proposed reverse takeover (RTO) by Paris-based oil and gas giant Bourbon SA, has set up an independent committee to “review and make recommendations on matters arising from recent media reports on the company”.

In a filing with Bursa Malaysia yesterday, Tanjung Offshore said the three-member panel will comprise its independent directors George William Warren Jr, Datuk Ab Wahab Ibrahim and Shahrizal Hisham Abdul Halim (pic).

On Dec 29, the company told Bursa its deal with Bourbon SA had been called off. The announcement came following an article titled, “Tanjung Offshore to abort Bourbon RTO deal?” that appeared in The Edge Financial Daily on the same day.

Tanjung Offshore said then it had, together with Singaporean Farid Khan Kaim Khan and his business partners, Mower Tunggal Jaya PT, Megagold Indonesia PT, and Zona Maju Mapan PT (BNI shareholders) and their business partners, as well as Bourbon Far East Pte Ltd, mutually agreed to terminate the heads of agreement they had entered into in relation to the proposed RTO.

It also noted that the parties had decided to mutually terminate the deal as the economic and financial conditions for an agreement that is satisfying for both parties cannot be met in view of the declining oil prices.

 

This article first appeared in The Edge Financial Daily, on January 9, 2015.

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