MISC and its wholly-owned subsidiary MTTI Sdn. Bhd. (“MTTI”) have today entered into an agreement with VIP Terminals Finance B.V. to dispose 50% of the issued share capital of VTTI B.V. (“VTTI”), for a cash consideration of USD830 million, subject to completion of the conditions precedent. VIP Terminals Finance B.V. is ultimately a wholly-owned subsidiary of Vitol Investment Partnership Limited, an investment vehicle sponsored and managed by the Vitol Group, the company said in its press release.
Upon completion of the proposed divestment, VTTI will cease to be a joint-venture company of MTTI.