Thursday 28 Mar 2024
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KUALA LUMPUR: Integrated offshore services provider Yinson Holdings Bhd, which completed the disposal of Nautipa AS yesterday, revealed that the consideration has been reduced from US$59.3 million to US$57.097 million.

In a filing with Bursa Malaysia yesterday, Yinson said Yinson Production AS (YPAS) and Prosafe Production Public Ltd (PPPL) had agreed that the disposal consideration will be reduced by US$2.203 million to US$57.097 million.

“The reduction of the disposal consideration was due to an outstanding tax-related group contribution owing to Allan AS, a wholly-owned subsidiary of Yinson, as at the completion date,” it said.

Following the completion of the disposal, Nautipa AS is no longer a subsidiary of Yinson. To recap, YPAS had on July 24 signed a share purchase agreement with PPPL to dispose of its entire equity interest in Nautipa AS to the latter for US$59.3 million cash.

YPAS and PPPL are the wholly-owned indirect subsidiaries of Yinson and BW Offshore Ltd respectively.

Earlier on July 8, YPAS received an offer letter from BW Offshore proposing a process for reaching a mutual agreement over the eventual 100% ownership of the floating, production, storage and offloading facility vessel, dubbed FPSO Petroleo Nautipa and its owner, Tinworth Pte Ltd.

Tinworth is a 50:50 joint venture between Nautipa AS and Prosafe Nautipa AS (PNAS), a direct subsidiary of PPPL, which will be ultimately controlled by BW Offshore.

It was proposed that the sale and purchase could be in respect of 100% equity interest in PNAS or 100% equity of Nautipa AS.

Shares in Yinson declined 16 sen or 5.2% to close at RM2.89 yesterday, giving it a market capitalisation of RM2.98 billion. The counter was trading between RM2.79 to RM3.04, with more than 5.401 million shares done.


This article first appeared in The Edge Financial Daily, on October 9, 2014.

 

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