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NewsYinson finalises Fred Olsen buy
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Yinson finalises Fred Olsen buy
by Cals Mon 23 Dec 2013, 01:32
Published: Saturday December 21, 2013 MYT 9:19:00 AM
Updated: Saturday December 21, 2013 MYT 9:20:52 AM
Yinson finalises Fred Olsen buy
KUALA LUMPUR: Yinson Holdings Bhd has fully completed the settlement for Fred Olsen Production ASA’s acquisition and currently owns 97.1% of the outstanding shares and votes in the Norwegian company.
The acquisition was settled at 9.40 Norwegian krone (equivalent to RM5.20) per share in cash.
Yinson said the acquisition increased the company’s current offshore services fleet size to four floating production, storage and off-loading facility (FPSO) and one floating storage and off-loading facility (FSO).
“These additional assets with its long-term contracts will increase the company’s orderbook to about RM7.5bil in total,” it said in a statement.
Upon completion of the offer, Yinson intends to initiate a compulsory acquisition of the remaining shares in Fred Olsen Production not owned by the company.
It is also proposing to delist Fred Olsen Production from the Oslo Stock Exchange, it said.
“It is expected that a compulsory acquisition of the remaining Fred Olsen Production’ shares will be effected in mid-January 2014,” it added. — Bernama
Updated: Saturday December 21, 2013 MYT 9:20:52 AM
Yinson finalises Fred Olsen buy
KUALA LUMPUR: Yinson Holdings Bhd has fully completed the settlement for Fred Olsen Production ASA’s acquisition and currently owns 97.1% of the outstanding shares and votes in the Norwegian company.
The acquisition was settled at 9.40 Norwegian krone (equivalent to RM5.20) per share in cash.
Yinson said the acquisition increased the company’s current offshore services fleet size to four floating production, storage and off-loading facility (FPSO) and one floating storage and off-loading facility (FSO).
“These additional assets with its long-term contracts will increase the company’s orderbook to about RM7.5bil in total,” it said in a statement.
Upon completion of the offer, Yinson intends to initiate a compulsory acquisition of the remaining shares in Fred Olsen Production not owned by the company.
It is also proposing to delist Fred Olsen Production from the Oslo Stock Exchange, it said.
“It is expected that a compulsory acquisition of the remaining Fred Olsen Production’ shares will be effected in mid-January 2014,” it added. — Bernama
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