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.
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