Yinson's sale consideration of Nautipa AS reduced by RM6.98m to RM181m

by **Cals** Wed 08 Oct 2014, 23:00

Business & Markets 2014

Written by Liew Jia Teng of theedgemalaysia.com

Wednesday, 08 October 2014 17:10

KUALA LUMPUR (Oct 8): Integrated offshore services provider Yinson Holdings Bhd, which completed the disposal of Nautipa AS today, revealed that the consideration has been reduced from US$59.3 million (RM187.98 million) to US$57.097 million (RM181 million).

In a filing with Bursa Malaysia today, Yinson said Yinson Production AS (YPAS) and Prosafe Production Public Ltd (PPPL) have agreed that the disposal consideration will be reduced by US$2.203 million (RM6.98 million) to US$57.097 million.

“The reduction of the disposal consideration was due to an outstanding tax-related group contribution owing to Allan AS, a wholly-owned subsidiary of Yinson, as at the completion date,” it said.

Following the completion of disposal today, Nautipa AS is no longer a subsidiary of Yinson.

To recap, YPAS had on July 24 signed a share purchase agreement with PPPL to dispose its entire equity interest in Nautipa AS to the latter for US$59.3 million cash.

YPAS and PPPL are the wholly-owned indirect subsidiaries of Yinson and BW Offshore Ltd, respectively.

Earlier on July 8, YPAS had received an offer letter from BW Offshore proposing a process for reaching a mutual agreement over the eventual 100% ownership of the floating, production, storage and offloading facility vessel, dubbed FPSO Petroleo Nautipa and its owner, Tinworth Pte Ltd.

Tinworth is a 50:50 joint venture held between Nautipa AS and Prosafe Nautipa AS (PNAS), a direct subsidiary of PPPL, which ultimately controlled by BW Offshore.

It was proposed that the sale and purchase could be in respect of 100% equity interest in PNAS or 100% equity of Nautipa AS.

Shares of Yinson declined 16 sen or 5.2% to close at RM2.89 today, giving it a market capitalisation of RM2.98 billion. The counter was trading between RM2.79 to RM3.04, with more than 5.401 million shares done.