Athens: Singapore’s Liannex Corporation (S) has placed a RM 228m ($60.4m) bid to acquire the non-oil and gas subsidiaries of Malaysian offshore service provider Yinson Holdings.
The bid is for the acquisition of Yinson Corporation; Yinson Transport, Yinson Shipping, Yinson Port Ventures, Yinson Vietnam, plus a 65% equity interest in Yinson Power Marine.
The offer was placed by Liannex Labuan, which is wholly owned by the corporation, which in turn is owned by Lim Han Weng and Bah Kim Lian.
The two are major shareholders in Yinson Holdings, which is listed on Malaysia’s Bursa exchange, and are directors of both Yinson and Liannex.
The acquisition would also include the repayment of inter-company loans owed to Yinson Holdings by the subsidiary companies.
Yinson and Liannex now have three months to enter into a binding agreement for the acquisition, pending board and shareholder approvals, financing and any necessary third-party approvals.