MISC, EPF and Yinson Legacy propose RM4.03 billion Yinson buyout
The offer of RM2.50 per share is 10.13 per cent above Yinson’s Nov 5 closing price. The deal remains subject to shareholder, court and regulatory approvals.
Yinson Holdings Bhd is the target of a privatisation bid valued at approximately RM4.03 billion from MISC Bhd, Yinson Legacy Sdn Bhd and the Employees Provident Fund Board (EPF). Through a proposed members’ scheme of arrangement, the offerors intend to pay RM2.50 in cash per ordinary share not already held by excluded founding and pension fund shareholders.
The proposal would make acquisition vehicle MY Offshore Holdings Sdn Bhd the sole owner of Yinson. MISC and Yinson Legacy would each hold an effective 41.5 per cent interest in the vehicle, with 17.1 per cent held by Kwasa Layar Sdn Bhd, an EPF subsidiary.
Ahead of completion, Yinson group executive chairman Lim Han Weng and his children will transfer their individual stakes to Yinson Legacy, while EPF will move its holding to Kwasa Layar. Those two companies will then exchange their Yinson holdings for shares in the acquisition vehicle.
MISC estimates its capital commitment at RM3.03 billion and intends to use bank borrowings for 75 per cent of the funding, with internal cash providing 25 per cent. The company said the combination would enable the groups to share engineering capabilities, improve supply-chain efficiency and pursue large offshore projects.
Because EPF is a major shareholder of both companies, the proposal is a related-party transaction for MISC. The fund will abstain from voting at MISC’s extraordinary general meeting.
Completion is expected in the second half of 2027, barring unforeseen circumstances. The scheme requires approval from disinterested shareholders, High Court sanction and regulatory clearances in several jurisdictions.
