Tuesday, September 6, 2011

#Flash* Boustead submitted 'fair, competitive' bid for Esso stake

KUALA LUMPUR: BOUSTEAD HOLDINGS BHD [] said it submitted a 'fair and competitive offer in terms of price' in July to ExxonMobil Corporation for its downstream assets.

It said on Tuesday, Sept 6 the bid included the 65% stake in ESSO MALAYSIA BHD [], a 100% stake in ExxonMobil Malaysia Sdn Bhd and 100% of ExxonMobil Borneo Sdn Bhd.

'Boustead noted that the average share price of Esso Malaysia for the period between Jan 3 to'' June 30 was RM3.943 per share,' it said.

It issued the statement in response to news reports in relation to the sale of ExxonMobil Corp's downstream assets in Malaysia to San Miguel Corporation

It said that on Aug 28, certain information released by ExxonMobil Corporation at a press conference in relation to its sale contained inaccuracies.

'Boustead did submit a fair and competitive offer in terms of price. BHB's bid for the 65%'' shares in Esso Malaysia Bhd took into consideration the relevant interests of the minority shareholders.

'Boustead clarifies that there was never any intention on Boustead's part to close down the Port Dickson refinery or to lay-off any staff.'' The bid was made on the basis of business continuity, that is, the refinery would be operating as per usual,' it said.

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