Yinson clarifies RM4.03 billion privatisation offer remains under review
A signed page included by mistake did not signal board approval, the company said. Its deadline to respond is 5pm on Dec 4, unless extended.
Yinson Holdings Bhd has denied accepting an RM4.03 billion cash offer to take the company private, saying directors are continuing their assessment. The company issued the clarification in a stock exchange filing after media reports suggested it had agreed to the proposal.
The bid came from a consortium led by MISC Bhd, the founding Lim family through Yinson Legacy Sdn Bhd, and the Employees Provident Fund. It reportedly targets a remaining stake of 55.2 per cent, or 1.61 billion shares, excluding holdings already owned by the founders and pension fund holders.
Yinson said a director had signed a page solely to confirm receipt of the proposal letter. That page was mistakenly attached to the company's Nov 6 announcement. The signature did not reflect a board resolution, and the page was never returned to the bidders as required for acceptance.
Four interested directors are not taking part in the deliberations: Lim Han Weng, Lim Chern Yuan, Bah Kim Lian and Fariza Ali @ Taib. The response deadline is 5pm on Dec 4, although the offerors may extend it in writing.
An unsigned version of the acceptance page has been supplied with a replacement proposal letter. Yinson said the earlier copy should be disregarded and that it would disclose the board's decision once made. The transaction is projected to conclude during the second half of 2027, conditional on approvals from shareholders, the court and regulators.
