The sale has been made to Sarawak State Financial Secretary for $750 million
A subsidiary of Royal Dutch Shell plc, Shell Gas Holdings (Malaysia) Limited, has concluded the sale of its 15% shareholding in Malaysia LNG Tiga Sdn Bhd (MLNG Tiga) to the Sarawak State Financial Secretary (SFS) for an agreed consideration of $750 million.
With the transaction having an economic date of 1 September 2017, the net final consideration paid to Shell is approximately $640 million, after adjustments for dividends the company received up to completion. Since SFS is an existing MLNG Tiga shareholder, the completion of this transaction has increased its shareholding in MLNG Tiga to 25%.
This transaction is in line with Shell’s strategy to simplify its portfolio, in addition to reshaping Shell into a simpler, more strong and focused company. MLNG Tiga was Shell’s only remaining interest in the PETRONAS LNG complex, Following the expiry of the MLNG Satu and Dua joint venture agreements. The clear momentum behind Shell’s delivery of its global divestment program is demonstrated by the completion of this sale. PWKD22062018
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