MISC Bhd's proposed disposal of its 50% equity interest in Gumusut-Kakap SemiFloating Production System (L) Ltd (GKL) to E&P Venture Solutions Co Sdn Bhd, a unit of Petronas Carigali Sdn Bhd, will not result in any gain or loss to MISC. It said that this was because the stakes were sold at the cost of the company's equity investment in GKL. The share disposal consideration of US$305.7mil (RM934.4mil) represents 50% of the total cost of MISC's equity investment in GKL as at Oct 4, which amounts to about US$611.4mil.

It added that the cost of the asset under construction was increased by US$290mil being the estimated remaining cost to complete the Gumusut-Kakap Semi-FPS for a total construction cost of US$2.1bil. - StarBiz