A Royal Dutch Shell subsidiary has announced the completion of the sale of its 15% stake in Malaysia LNG Tiga Sdn Bhd (MLNG Tiga).
Shell Gas Holdings (Malaysia) Limited sold its share to the Sarawak State Financial Secretary (SFS) for US$750mn.
The economic date for the transaction has been marked on 1 September 2017. Following dividends adjustments, Shell received approximately $640mn.
With SFS’ previous shares in MLNG Tiga, the firm’s post-acquisition shareholder total is now 25%.
Other companies with a stake in the Malaysian liquid natural gas firm are PETRONAS, which has 60% equity, Nippon Oil Finance (Netherlands) B.V., which has 10% shares, and Mitsubishi Corporation’s unit, Diamond Gas (Netherlands) B.V., which has 5% equity.
The firm is operated by the PETRONAS subsidiary Malaysia LNG Sdn Bhd, as part of the larger PETRONAS LNG Complex in Bintulu.
Shell is currently aiming to simplify its portfolio and reshape its strategy – making it more simple and resilient.