Kuala Lumpur: Malaysia’s MISC Berhad has entered into an agreement with Global Process Systems Inc to acquire its 20% of remaining shareholding Malaysia Offshore Mobile Production (MOMPL) at a price of $18m.

 

MISC currently owns 80% of the firm, which owns and leases mobile offshore production units, so upon the completion MOMPL will become a wholly-owned subsidiary of MISC. 

 

The acquisition will be financed by internally generated funds and is not subject to the approval of shareholders of MISC, the company said in a statement to Bursa Malaysia. [18/12/13]