Friday 29 Mar 2024
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KUALA LUMPUR (July 15): MISC Bhd has inked six memorandum of agreements (MoAs) with Zhejiang Satellite Petrochemical Co Ltd’s units for the purchase of six newbuild 98,000 cubic meters Very Large Ethane Carriers worth of total US$726 million (RM3.09 billion).  

Concurrently, MISC, through its vessel-owning entity Portovenere and Lerici (Singapore) Pte Ltd, has entered into a deal with Zhejiang Satellite Petrochemical for the time charter of the six vessels for operations in international waters, MISC said in a filing with Bursa Malaysia. 

It said the vessels will be chartered by Zhejiang Satellite Petrochemical for a firm period of 15 years, which is expected to commence in the fourth quarter of this year.

The vessels will be constructed by Samsung Heavy Industries Co Ltd and Hyundai Heavy Industries Co Ltd, MISC said. 

The group said the MoAs and time charter deal are not expected to have any material impact on its earnings, gearing and net assets for the financial year ending Dec 31, 2020. 

In a separate filing, MISC said Tengku Muhammad Taufik has resigned as the group’s non-independent and non-executive director.  

Muhammad Taufik, 46, who was appointed to the position in November 2018, was promoted to become the president and group chief executive officer of Petronas, with effect from July 1.  

MISC’s share price closed unchanged at RM7.90 today, valuing the group at RM35.26 billion. There were some 4.17 million shares done. 

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