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(Bloomberg) — Yinson Holdings Bhd.’s founding Lim family and Stonepeak Partners are considering withdrawing a plan to take the energy infrastructure company private, according to people familiar with the information.
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A decision could be made soon, the people said, asking not to be identified because the matter is private. The group had been building toward an 8 billion ringgit ($2 billion) offer for Kuala Lumpur-listed Yinson for about a year.
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Yinson’s net income in the latest quarter plunged 65% from a year earlier to 228 million ringgit and revenue fell 19%. The company cited higher administrative expenses, impairment losses for renewables and green technologies and the absence of previous one-off gains from disposals. Founder Lim Han Weng said Yinson Production remains the group’s primary growth engine, with steady progress on projects under construction, including in Vietnam.
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The Lim family may still pursue a transaction with firms other than Stonepeak, some of the people said, adding that no final decision has been made.
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Representatives for Stonepeak, the Lim family and Yinson declined to comment.
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Bloomberg News reported last year that New York-based Stonepeak was teaming up with the Lim family, which established Yinson in the 1980s, for a buyout. Some local pension funds with shareholdings in Yinson were also part of the group, which was seeking to do the buyout via a scheme of arrangement.
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The Lim family owned 27.7% of Yinson at the end of April, the company’s website shows. After starting out as a transport and logistics firm, Yinson diversified into energy infrastructure, renewables and technology.
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