MISC-Avenir JV bags charter contract from Petronas LNG
Published on 02 Oct 2019. | Source: thestar.com.my
KUALA LUMPUR: MISC BHD's joint venture with Avenir LNG Ltd has been awarded a time charter party by Petronas LNG Sdn Bhd for the provision of a liquefied natural gas bunker vessel for Malaysian and Singaporean operations.
The vessel will be chartered by Petronas LNG for three years, expected to commence in the first quarter of 2020 for an estimated contract value of US$28mil (RM117mil).
ISC said in a stock exchange filing that it will form a joint venture company with Avenir called Future Horizon Pte Ltd to manage the commercial operations of the vessel.
The JV company will be 51% owned by MISC with 49% going to Avenir.
Ship management will be provided by a wholly owned subsdiary of the company, Eaglestar Ship management (L) Pte Ltd.
"The Transaction does not have any effect on the issued and paid-up share capital and substantial shareholding in MISC.
"The Transaction is also not expected to have any material impact to the earnings per share, gearing and net assets per share of the MISC Group for the financial year ending 31 December 2019," said MISC.
Tengku Muhammad Taufik, Mohd Yusri Mohamed Yusof and Liza Mustapha are deemed as MISC directors with interest in the transaction and have abstained from deliberating on the transaction.
Muhammad Taufik is on the boards of Petronas and Petronas International Corp while Yusri is on the board of Petronas LNG and Liza Mustapha is an executive of Petronas.
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