PETALING JAYA: Yinson Holding Bhd, via its Ghanaian joint venture, has terminated its letter of intent with Aker Energy Ghana Limited, as Aker Energy has postponed the activities under the Deepwater Tano/Cape Three Points (DWT/CTP) Petroleum Agreement and the development of the project until further notice amid the Covid-19 pandemic.
In a Bursa filing this morning, the group said it will preserve its right for compensation due arising from the
termination.
“The aforesaid termination will not have any effect on the share capital and shareholding structure of the company. There is expected to have no material effect on the group’s earnings and net asset per share for the financial year ending Jan 31, 2021,” it said.
Yinson had received the letter of intent via its 49%-owned joint venture entity, Yinson West Africa, to provide a floating, production, storage and offloading (FPSO) vessel for the Pecan development project in the DWT/CTP block on Feb 21,
Yinson shares were suspended from trading this morning between 9am and 10am.
At 10.45am, the counter was 2 sen or 0.42% higher at RM4.79 with 496,700 shares done.
source https://www.thesundaily.my/business/yinson-terminates-ghana-fpso-contract-MB2201196
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