MISC goes out of tank terminal business

Malaysian MISC Berhad (MISC) announced that it has entered into a Share Purchase Agreement (SPA) with Dialog Group Berhad (Dialog), for disposal of 45% equity interest held by MISC in Centralised Terminals Sdn Bhd (CTSB).

Upon completion of the SPA, CTSB will cease to be a joint-venture company of MISC and this marks MISC’s exit from the tank terminal business.

The total proceeds from the divestment is RM193 million comprising the purchase consideration for MISC’s shares and repayment of shareholder’s advances and accrued interest by Dialog on behalf of CTSB.

    Commenting on the exit, Mr. Yee Yang Chien, President/CEO of MISC, 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 will continue focusing on international energy related maritime services. The transaction is expected to be completed within one month from the date of SPA.