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MISC divest stake in tank storage venture VTTI for $830m

MISC divest stake in tank storage venture VTTI for $830m
Malaysian shipping company MISC is further sharpening its focus on energy and petroleum-related shipping by divesting its 50% stake in tank storage joint venture firm VTTI to Netherlands-based VIP Terminals Finance for $830m in cash with an expected gain of $9m from the sale.

In a stock market announcement, MISC cautioned however that “the final gain or loss on the disposal may vary, depending on the carrying value of MISC’s investment in VTTI at the completion of the proposed disposal,” adding that the divestment would not have any material effect on its earnings and gearing for the financial year ending 31 December 2015.

MISC president and ceo Yee Yang Chien said: “It has been a great pleasure working with Vitol over the past five years.“The divestment would enable us to unlock the value of our investment in VTTI and take advantage of future opportunities within our core business of energy and petroleum-related shipping.”

Going forward, the oil and gas shipping firm would strengthen its core business and undertake opportunistic acquisitions or investments for future growth.

Global energy storage provider VTTI, which was founded in 2006, has a total gross storage capacity of 54 million barrels, including assets under construction. MISC bought a stake in the company in 2010.