KUALA LUMPUR: Yinson Holdings Bhd quashes speculation that it has accepted a proposed scheme involving the company.
Yinson clarified that its board has yet to approve the proposal despite inadvertently including a signed acceptance page in an earlier announcement.
The clarification follows media reports suggesting that Yinson had accepted the proposed scheme outlined in a proposal letter dated Nov 6.
A consortium led by MISC Bhd, Yinson’s founding Lim family (via Yinson Legacy Sdn Bhd) and the Employees Provident Fund recently submitted a formal proposal to take Yinson private in an all-cash deal valued at RM4.03 billion.
The consortium reportedly aims to buy the remaining 55.2 per cent stake or 1.61 billion shares not already owned by the excluded founders and pension fund holders.
In a bourse filing today, Yinson said the board has not accepted the proposed scheme or the terms set out in the proposal letter, and remains in the process of deliberating on the matter.
The company explained that the copy of the proposal letter attached to its Nov 6 announcement had inadvertently included an acceptance page signed by one of its directors.
However, Yinson stressed that the signature was intended solely to acknowledge receipt of the proposal letter on behalf of the company.
“It was not made pursuant to any decision or resolution of the board, and does not constitute, and should not be construed as, acceptance by the company or the board of the proposed scheme or of the terms of the proposal letter,” it said.
Yinson added that the signed acceptance page had not been returned to the joint offerors and joint ultimate offerors, as required under the terms of the proposal.
The board, excluding four directors deemed interested in the proposed scheme – Lim Han Weng, Lim Chern Yuan, Bah Kim Lian and Fariza Ali @ Taib – is now considering the proposal and will determine its next course of action.
The company has until 5pm on Dec 4 or a later date if extended in writing by the joint offerors and joint ultimate offerors, to respond to the proposal letter.
A further announcement will be made once the board has reached a decision.
Yinson also issued a replacement copy of the proposal letter, with the acceptance page left unsigned, stating that the earlier version attached to its Nov 6 announcement should be disregarded.
The development comes amid heightened investor attention on Yinson’s corporate direction and ownership structure.
The group is better known as one of Malaysia’s major energy infrastructure players and a significant operator in the floating production, storage and offloading sector.
Yinson urged shareholders and investors to exercise caution when dealing in its securities and to rely only on announcements released through Bursa Malaysia for information on the proposed scheme.
Yinson’s board reportedly has until Dec 4 to decide whether to recommend the proposal.
The overall transaction is projected to be completed in the second half of 2027, subject to shareholder, court and regulatory approvals.