The recent acquisition of Esso’s downstream assets in the country by Phillipines’ San Miguel Corp should catch the public’s attention on a few accounts.
The disclosed total consideration of USD610 million that is below Esso Malaysia’s current market value has sent its shares tumbling by 18% yesterday. While the sum may have been a bona fide amount decided on commercial grounds, the interest of minority shareholders took a beating when the deal prompted such a huge drop in share price.
Esso's fire sale: Are Dr M's sons shuffling national assets, asks Anwar
