Opposition to planned reverse takeover of Tanjung Offshore

Kuala Lumpur: The proposed reverse takeover (RTO) of Tanjung Offshore Bhd (TOB) by several parties, including a unit of Paris-based oil and gas (O&G) giant Bourbon, is facing opposition from a group of minority shareholders who want the option of being able to sell their shares to the new owners.

They also raised the likelihood of the RTO hitting a snag, given that the exercise needs the nod from Ekuiti Nasional Bhd (Ekuinas).

TOB had entered into a non-compete clause with Ekuinas in 2012 when the latter bought TOB’s marine vessel services arm, Tanjung Kapal Services Sdn Bhd (TKS), for RM220m.  [18/06/14]

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