A floating production, storage and offloading vessel built by Yunsheng.
Yinson Holdings, controlled by Malaysian tycoon Lim Hon Wing and his family, is raising $1 billion from investors including units of the Abu Dhabi Investment Authority (ADIA) to fund the growth of Yinson's oil and gas business Provide funding and finance renewable energy projects.
ADIA's Platinum Lily, together with funds managed by British Columbia Investment Management and RRJ Capital, will subscribe for redeemable convertible preferred shares and warrants issued by Yinson Production Offshore, which builds vessels for the offshore oil and gas industry, The post-money valuation is $3.7 billion, Yinson said in a statement on Tuesday.
The Kuala Lumpur-based company said the agreement, which is expected to be completed in the first quarter, includes an option to issue up to an additional $500 million of redeemable convertible preferred shares over 24 months.
The company said that approximately US$200 million of the transaction proceeds have been earmarked for investment in renewable energy projects and distributed to Yinson Holdings shareholders through stock buybacks or dividends.
Yinson owns and operates a fleet of floating production, storage and offloading vessels around the world and has been increasing investment in green energy technology in recent years. Currently, the company has 557 MW of renewable energy generation assets with an additional 1,500 MW under construction.
“This landmark transaction comes at a critical time for Yinson, enabling Yinson Production to capture the significant opportunities in the current strong FPSO market, and enables Yinson Holdings to return capital to our shareholders and fund our energy to provide funds to transform the business,” CEO Lim Chern Yuan said in a statement. Yinson Production's order book exceeds $22 billion, with deliveries extending through 2048.
Chen Yuan's father Lim Han Weng and mother Bah Kim Lian co-founded Yinson Holdings in 1984 to engage in transportation and trading business. It has since grown into one of the world's largest oil and gas services companies. In 2020, the company diversified into the renewable energy field and currently has solar plants in India and Peru. The family ranks first with a net worth of $405 million. 45 inches Forbes Asia The Malaysian Rich List was released in April last year.
