MISC Out of Tank Terminal Business

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Image Courtesy: MISC

Malaysia’s largest shipping line, Malaysia International Shipping Corporation (MISC) Berhad has entered into a Share Purchase Agreement (SPA) with Dialog Group Berhad for disposal of 45% equity interest held by MISC in Centralised Terminals Sdn Bhd (CTSB).

Yee Yang Chien, President and Group CEO of MISC, said, “It has been a great pleasure working with Dialog over the past decade since 2007 and we wish Dialog the very best in its future endeavours.”

He added, “For MISC, this divestment will enable us to unlock the value of our investment in CTSB and take advantage of other opportunities within the energy and maritime industry.”

The total proceeds from the divestment amounts to approximately USD 45.8 million comprising the purchase consideration for MISC’s shares and repayment of shareholder’s advances and accrued interest by Dialog on behalf of CTSB.Once the transaction is finalized, CTSB will cease to be a joint venture company of MISC, marking MISC’s exit from the tank terminal business.

The transaction will be completed within 30 days from the date of SPA.