Upon completion of the share purchase agreement, CTSB will cease to be an MISC joint-venture company, and the company will exit the tank terminal business, MISC said in a statement Monday.
Malaysian shipping line MISC Berhad has agreed to sell its 45 percent stake in tank terminal business Centralised Terminals Sdn. Bhd. (CTSB) to its partner in the venture, oil and gas company Dialog Group Berhad, MISC said Sept. 25 in a statement.
MISC and Dialog Group have entered into a share purchase agreement with the total proceeds from the divestment being 193 million Malaysian ringgit (U.S. $45.8 million), comprising the purchase consideration for MISC’s shares and repayment of the shareholder’s advances and accrued interest by Dialog Group, according to MISC.
Upon completion of the share purchase agreement, CTSB will cease to be an MISC joint-venture company, and the company will exit from the tank terminal business, MISC has said.
The transaction is expected to be completed by late October, according to MSC.
“It has been a great pleasure working with Dialog over the past decade, since 2007, and we wish Dialog the very best in its future endeavors,” MISC President/Group CEO Yee Yang Chien said. “For MISC, this divestment will enable us to unlock the value of our investment in CTSB and take advantage of other opportunities within the energy and maritime industry.”
Moving forward, MISC said, it plans to continue to strengthen its core businesses: international energy related maritime solutions and services.
MISC Berhad divesting from Centralised Terminals Sdn. Bhd.
