Petronas and EPF to deal for MISC

comments     Lawrence Yong, KiniBiz     Published     Updated

Malaysia's state controlled oil company Petronas may increase its offer for MISC, after an offer at RM5.30 a share to all minority shareholders of the oil major's shipping arm was flatly rejected last month.

azlan Sources said that the Employees Provident Fund (EPF), which owns a 9.5 percent stake in MISC, had indicated to Petronas that it wanted a higher price for it to accept the Petronas offer.

Industry sources say that Petronas and the pension fund would likely come to an agreement soon, as both were government-linked agencies.

Sources close to EPF had indicated that Malaysia's biggest equity investor, may settle with Petronas at above RM6 per share for MISC.

A Petronas official declined to comment when contacted.

Some analysts had earlier pegged MISC's fair value at RM6-RM6.50 a share based on future prospects.

The previously loss-making shipping company had made a turnaround after cutting its container business and refocused on shipping liquefied natural gas and floating oil storage business.

A EPF-Petronas deal would pave the way for delisting MISC and taking it private.

Go to KiniBiz for more .


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