Malaysia-listed shipowner MISC has disposed of its 50% stake in VTTI back to Vitol Group for USD830 million.
MISC acquired 50% of VTTI for USD735 million in May 2010.
The disposal agreement was signed by MISC’s wholly owned subsidiary MTTI with Vitol Investment Partnership’s wholly owned subsidiary VIP Terminals Finance. Vitol Investment Partnership is an investment vehicle sponsored and managed by Vitol Group.
Through the disposal, VTTI will cease to be a joint-venture company of MTTI.
VTTI has a number of oil terminals scattered across the world, as well as a terminal facility with a storage capacity of around 893,000 m³ in ATT Tanjung Bin at the Port of Tanjong Pelepas, Malaysia.
MISC president and CEO Yee Yang Chien said the disposal is in line with the company’s corporate strategy of strengthening its core businesses in energy shipping and energy-related services, as well as undertaking opportunistic acquisitions or investments for future growth.