MISC BERHAD (previously, the Malaysia International Shipping Corporation) has announced that its wholly-owned subsidiary MTTI Sdn Bhd (previously, Magna Conglomerate Sdn Bhd) has agreed to sell to Vitol's VIP Terminals Finance its 50 per cent share for US$830 million, ending their joint venture.
VIP Terminals Finance BV is a wholly-owned subsidiary of Vitol Investment Partnership Limited, an investment vehicle sponsored and managed by the Vitol Group.
MISC Berhad's main shareholder is Petroliam Nasional Berhad (PETRONAS), the national oil conglomerate of Malaysia, but its main business is ship owning, ship operating as well as owning and operating of offshore floating facilities as well as marine repair and engineering. It has 120 vessels with a combined tonnage 13 million dwt.
Said MISC chief executive Yee Yang Chien: "It has been a great pleasure working with Vitol over the past five years. We wish Vitol the very best in its future endeavours and we are confident that the good relationship we have will continue."
Said Vitol CEO Ian Taylor: "MISC has been an excellent partner over the last five years and we have greatly enjoyed working with them."
Vitol was founded in 1966 in Rotterdam and is now the world's largest independent energy trader, trading five million barrels of crude oil and oil products a day.
MISC said will continue to strengthen its core businesses in energy shipping and energy-related services, as well as undertake opportunistic acquisitions or investments for future growth.
Source : HKSG.