MISC has entered into a share purchase agreement with Dialog Group to sell the 45% stake for MYR193m ($45.9m). Following the sale CTSB will no longer joint venture company of MISC and the Malaysian shipowner will have exited the tank terminal business.
“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,” said Yee Yang Chien, ceo of MISC.
“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.”
In 2015 MISC sold it its 50% stake in VTTI, a joint venture with Vitol, for $830m.
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