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Yinson to make small gain from disposal of non-core assets

Yinson to make small gain from disposal of non-core assets
Malaysian FPSO vessel player Yinson Holdings expects to make a cash gain MYR500,000 ($112,140) from the proposed disposal of its non-oil and gas (O&G) units to Liannex Labuan Ltd but will generate proceeds of MYR233.6m overall from the exercise.

Yinson said in a stock market filing that it plans to dispose of its entire stakes in its five apparently now considered non-core subsidiaries for MYR168m in cash. The divestments will involve Yinson Corp Sdn Bhd, Yinson Transport (M) Sdn Bhd, Yinson Shipping Sdn Bhd, Yinson Power Marine Sdn Bhd and Yinson Overseas Ltd.

Yinson said after deducting the sale price from the net assets of the units involved as at July 31, 2015 of approximately MYR165m and estimated expenses of MYR2.5m, the group expects to record a gain from the transaction of MYR500,000.

The group added however it expected the proposed divestment to generate proceeds of MYR233.6m based on the inter-company loan amounts owing by the disposal companies to Yinson as at July 31, 2015 of MYR65.6m and the disposal consideration of MYR168m.

TAGS: Offshore