MISC Bhd’s proposed disposal of its 50% equity interest in
Gumusut-Kakap SemiFloating Production System (L) Ltd (GKL) to E&P Venture
Solutions Co Sdn Bhd, a unit of Petronas Carigali Sdn Bhd, will not result in
any gain or loss to MISC. It said that this was because the stakes were sold at
the cost of the company’s equity investment in GKL. The share disposal
consideration of US$305.7mil (RM934.4mil) represents 50% of the total cost of
MISC’s equity investment in GKL as at Oct 4, which amounts to about
US$611.4mil.
It added that the cost of the asset under construction was
increased by US$290mil being the estimated remaining cost to complete the
Gumusut-Kakap Semi-FPS for a total construction cost of US$2.1bil. - StarBiz
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