MISC, Bumi Armada cancel their merger deal
The merger proposal, first announced in November 2024, was envisioned as an all-share transaction to combine the companies' floating production, storage and offloading (FPSO) fleets.
The goal was to establish a Malaysian-based entity with the scale and resources to compete in the growing and capital-intensive offshore floating production segment.
The non-binding memorandum of understanding will lapse on Aug 14, in accordance with its terms.
In a filing with Bursa Malaysia, MISC said the proposed merger would not fully achieve the intended strategic objectives following evaluation and discussions.
"The company will continue with its other growth plans," MISC added.
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