February 04, 2013
KUALA LUMPUR, Feb 4 – MISC made handsome gains today following a conditional takeover offer from its parent Petronas to acquire all the remaining shares at a cash offer price of RM5.30 per share.
At 11am, the share price of Malaysia’s leading international shipping line jumped 77 sen or 17.303 per cent to RM5.22 with 5.273 million shares traded.
Petronas already owns a 62.67 per cent stake in MISC, and it will cost it about RM8.831 billion to acquire the remaining 1.666 billion shares.
Petronas said the privatisation of the company will provide them with greater flexibility in deciding MISC’s strategic direction.
The national oil company said MISC is an important part of its integrated business, and the prevailing industry backdrop and uncertain global economy have made its business challenging. – Bernama
