KUALA LUMPUR: Yinson Holdings Bhd
is divesting its offshore marine business, Regulus Offshore, to Icon Offshore Bhd as part of its strategic focus on its floating production storage and offloading (FPSO) and energy transition businesses.
In a statement, Yinson said the disposal was executed via a binding term sheet signed between both parties for a consideration of RM160mil, which is to be satisfied via issuance of new shares by Icon at 88 sen per share.
It said the disposal is subject to the approval of Icon’s shareholders in a forthcoming shareholders’ meeting and relevant government authorities.
The divestment gives Yinson a minority stake and a board seat in Icon, allowing them to benefit from Icon's future growth. Yinson also expects to gain from the sale.
...