Stonepeak, Lim Family Are Said to Weigh Withdrawing Yinson Bid
(Bloomberg) -- Yinson Holdings Bhd.’s founding Lim family and Stonepeak Partners are considering withdrawing a plan to take the energy infrastructure company private, according to people familiar with the information.
A decision could be made soon, the people said, asking not to be identified because the matter is private. The group had been building toward an 8 billion ringgit ($2 billion) offer for Kuala Lumpur-listed Yinson for about a year.
Yinson’s net income in the latest quarter plunged 65% from a year earlier to 228 million ringgit and revenue fell 19%. The company cited higher administrative expenses, impairment losses for renewables and green technologies and the absence of previous one-off gains from disposals. Founder Lim Han Weng said Yinson Production remains the group’s primary growth engine, with steady progress on projects under construction, including in Vietnam.
The Lim family may still pursue a transaction with firms other than Stonepeak, some of the people said, adding that no final decision has been made.
Representatives for Stonepeak, the Lim family and Yinson declined to comment.
Bloomberg News reported last year that New York-based Stonepeak was teaming up with the Lim family, which established Yinson in the 1980s, for a buyout. Some local pension funds with shareholdings in Yinson were also part of the group, which was seeking to do the buyout via a scheme of arrangement.
The Lim family owned 27.7% of Yinson at the end of April, the company’s website shows. After starting out as a transport and logistics firm, Yinson diversified into energy infrastructure, renewables and technology.
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