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.