MISC Berhad (“MISC”) would like to announce that MISC and its wholly-owned subsidiary MTTI Sdn. Bhd. (“MTTI”) have today entered into an agreement with VIP Terminals Finance B.V. to dispose 50% of the issued share capital of VTTI B.V. (“VTTI”), for a cash consideration of USD830 million, subject to completion of the conditions precedent. VIP Terminals Finance B.V. is ultimately a wholly-owned subsidiary of Vitol Investment Partnership Limited, an investment vehicle sponsored and managed by the Vitol Group.
Upon completion of the proposed divestment, VTTI will cease to be a joint-venture company of MTTI.
Yee Yang Chien, President/CEO of MISC said, “It has been a great pleasure working with Vitol over the past five years. We wish Vitol the very best in its future endeavours and we are confident that the good relationship we have will continue. We also wish to take this opportunity to thank and express our appreciation for all the support and cooperation given by the VTTI B.V. management team. For MISC, this divestment will enable us to unlock the value of our investment in VTTI B.V. and take advantage of future opportunities within our core business of energy and petroleum related shipping.”
Rob Nijst, CEO of VTTI said, “Since inception, we have developed an independent storage company supported by the financial strength and market insight offered by Vitol, the world’s largest independent energy trading company. We are confident that the proposition to our range of customers and our asset footprint will continue to improve and grow.”
Ian Taylor, President & CEO of Vitol said, “MISC has been an excellent partner over the last five years and we have greatly enjoyed working with them. Looking forward, we are very excited by VTTI B.V.’s future potential. The management team, led by Rob, has successfully grown and developed the business worldwide – today VTTI B.V. has total gross storage capacity of 54 million barrels, including assets under construction. The terminals have an excellent HSE record and are structured and managed to accommodate the demanding requirements of the energy trading community.”
Moving forward, MISC will continue to strengthen its core businesses in energy shipping and energy-related services, as well as undertake opportunistic acquisitions or investments for future growth.
About MISC Berhad
MISC Berhad (MISC), a subsidiary of PETRONAS, was incorporated in 1968 and is one of the world’s leading international energy shipping and maritime conglomerates.
The principal businesses of MISC comprises energy shipping and its related activities, owning and operating offshore floating solutions, marine repair and conversion, engineering and construction works, as well as maritime education and training.
Its fleet consists of more than 110 owned and in-chartered LNG, Chemical and Petroleum vessels with additionally 14 offshore floating facilities. The fleet has a combined capacity of 12 million dwt.
Aside from its shipping business, maritime education, training & innovation are a priority for the company and its Malaysian Maritime Academy (ALAM) is ranked amongst the top 10% in the world.
Operating a modern, well-diversified fleet and backed by knowledgeable workforce made up of more than 10, 000 employees from all corners of the globe, MISC is committed to impart quality services to its customers, creating value for its stakeholders and contributing to the sustainability of the industry.