In August 2014, VTTI B.V. (VTTI), our jointly-owned tank terminal company with VITOL, listed VTTI Energy Partner L.P. (VTTI EP) on the New York Stock Exchange (NYSE). VTTI EP, a Master Limited Partnership (MLP) structure, is essentially a yield-based investment vehicle for investors looking for secured payouts. VTTI EP houses six (6) of VTTI’s terminal assets and the stable cash flow from these terminal assets underwrites the annual dividend yields investors look for. More importantly, with VTTI EP, VTTI will now have a very competitive and effective vehicle to monetise its assets for funds that can be reinvested into new greenfield or brownfield projects as well as funding potential acquisitions. As part of the Group’s continued initiative to divest and exit non-core non-energy related businesses and investments, MISC also divested its 15.73% shareholdings in NCB Holdings Berhad to MMC Corporation Berhad during the year. OUTLOOK The outlook for the global economy in 2015 is expected to be fairly muted. Save for strength in the US economy, the same cannot be said for most of the other developed economies. As Europe and Japan continue to struggle economically and with reforms, China faces its own pressure points and stumbling blocks towards greater economic growth. As policy makers continue to use monetary policies, in particular interest rates to spur economic activities, the currency markets will face a period of great volatility. VTTI Energy Partners LP LISTED ON NYSE I look forward to 2015 with new eagerness and optimism, knowing full well that MISC’s revitalised balance sheet will serve us well in our renewed pursuit of growth... MISC BERHAD - Annual Report 2014 p 50 CHAIRMAN’S STATEMENT
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