Boustead denies intention to shut refinery

Boustead Holdings Bhd (BHB) has denied any intention to close down the Port Dickson refinery or lay-off any staff when it bid for ExxonMobil Corporation's downstream assets in Malaysia.

The bid was made on the basis of business continuity, whereby the refinery
would be operating as usual, it said in a filing to Bursa Malaysia today.

BHB was responding to news reports in relation to the sale of ExxonMobil's
assets to San Miguel Corporation.

It said that on Aug 28, certain information released by ExxonMobil
Corporation at a press conference in relation to the sale, contained
inaccuracies.

BHB said it submitted a fair and competitive offer in terms of price in July
to ExxonMobil Corporation for its downstream assets.

The bid included the 65 per cent stake in Esso Malaysia Bhd, a 100 per cent
stake in ExxonMobil Malaysia Sdn Bhd and 100 per cent of ExxonMobil Borneo Sdn Bhd.

"BHB noted that the average share price of Esso Malaysia for the period
between Jan 3 to June 30 was RM3.943 per share," it said.

It added BHB's bid for the 65 per cent shares in Esso Malaysia Bhd took into
consideration the relevant interest of the minority shareholders. -- Bernama