MISC Exits Tank Terminal Business with Sale of CTSB Share

Malaysia International Shipping Corporation (MISC) Berhad has entered into a Share Purchase Agreement (SPA) with Dialog Group Berhad for disposal of 45% equity interest held by MISC in Centralised Terminals Sdn Bhd (CTSB).

The total proceeds from the divestment is INR 193 million (USD 45.8 million) comprising the purchase consideration for MISC’s shares and repayment of shareholder’s advances and accrued interest by Dialog on behalf of CTSB.

Once the transaction is finalized, CTSB will cease to be a joint venture company of MISC, marking MISC’s exit from the tank terminal business.

“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,” Yee Yang Chien, President/Group CEO of MISC, said.

The transaction is expected to be completed within one month from the date of SPA.

MISC Group’s fleet consists of more than 130 owned and in-chartered LNG, petroleum and product vessels, as well as 14 floating facilities. The fleet has a combined capacity of approximately 12 million dwt.

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

Nor-Shipping 2019

Nor-Shipping’s conference and event programme is tailored to deliver the knowledge, value and networking to help you build your business.

read more >

Electric & Hybrid Marine World Expo Conference 2019

Electric & Hybrid Marine World Expo Conference is the world’s only international conference…

read more >