KUALA LUMPUR (Dec 27): Yinson Holdings Bhd is buying a 49% stake in Anteros Rainbow Offshore Pte Ltd (ARO) from Four Vanguard Servicos E Navegacao LDA (FVSN) for US$9 million (about RM36.75 million).

ARO is a joint venture (JV) between Yinson’s wholly-owned unit Yinson Heather Ltd and Four Vanguard Servicos E Navegacao LDA, which was set up back in 2015.

Yinson currently holds a 51% stake in ARO, according to the filing to Bursa Malaysia.

The principal activity of ARO is the leasing of a floating, production, storage and offloading (FPSO) called Four Rainbow, which as at October 2017, was still up for redeployment opportunity.

“The total share capital of ARO is €40 million comprising 40 million ordinary shares,” said Yinson.

Additionally, FVSN holds a convertible note of €20 million in ARO, convertible into 20 million option shares in the latter.

Following amendments in the terms of the call and put options in relation to FSVN’s entire stake in ARO, Yinson said that it may exercise the call option to acquire from FVSN the option shares for up to US$11 million (RM44.92 million).

FVSN may also exercise the put option to require Yinson to acquire the shares at the same consideration value, it added.

Yinson’s share price closed unchanged at RM3.85, giving the FPSO operator a market capitalisation of RM4.21 billion.