Yinson says JV entitled to receive another RM142m from Vietnamese partner
Published on 06 Jul 2020. | Source: theedgemarkets.com
KUALA LUMPUR (July 6): Yinson Holdings Bhd said its 49%-owned joint venture is entitled to receive the balance amount of US$33.1 million (RM141.67 million) from PetroVietnam Technical Services Corp (PTSC), after the two parties reached a final settlement agreement of US$64.4 million (RM275.63 million).
As at the date of the final settlement agreement, the joint venture, PTSC Ca Rong Do Ltd, had received US$31.3 million (RM133.96 million) from PTSC, Yinson said in a bourse filing today.
Last week, Yinson said PTSC Ca Rong Do executed the final settlement agreement with PTSC over the termination of a US$1 billion (RM4.29 billion) charter contract bagged by the joint venture in 2017.
The bareboat charter contract was awarded to PTSC Ca Rong in April 2017 by Talisman Vietnam 07/03 BV, which later terminated the 15-year contract in September last year, due to a “prolonged force majeure event”.
Yinson’s shares rose eight sen or 1.3% to close at RM6.02 today, for a market capitalisation of RM6.6 billion.
Read also:
Yinson's JV completes final settlement over terminated US$1b charter contract
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