MISC offloads semi-sub stake


Kuala Lumpur: MISC has offloaded a 50% stake in its wholly-owned semi-submersible subsidiary Gumusut-Kakap Semi-Floating Production System Ltd (GKL) to a subsidiary of Petronas Carigali for a total cash consideration of $1.73bn. MISC will use the cash to pay off loans and meet its capex requirements. 
“The proposed share disposal is in line with the MISC board's initiative to strengthen the financial position of MISC and its subsidiaries to weather tough operating conditions in the shipping industry which is expected to prolong,” MISC said.  [08/10/12]


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