The deal, which was supposed to see several Indonesian oil and gas interests and the Asian unit of Bourbon injecting assets into Tanjung in return for shares and would have seen its re-entry into the offshore supply vessel (OSV) business, is being opposed by a group of minority shareholders who want the option of being able to sell their shares to the new owners.
Another issue is that the deal needs the approval of Malaysian sovereign wealth fund Ekuiti Nasional (Ekuinas) which has a non-compete clause from Tanjung's sale of its OSV division to it in 2012. The three-year clause expires in the middle of next year and the investors claim no certainty has been given of a waiver from this non-compete clause.
The group of minority shareholders, who collectively own close to 4% in the company, are essentially incensed that they have been sidelined on Tanjung's corporate moves, especially the waiver from mandatory takeover given to the new investors, and want the option of being able to cash out, similar to the offers made to certain substantial shareholders.
They pointed out that if there is a general offer they would be able to cash out at the same price as these other shareholders and are being discriminated against.
The minority shareholders have vowed to bring up the issues at Tanjung's AGM on Friday.
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