Petronas and EPF to deal for MISC
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.
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 .
For more news and views that matter, subscribe and support independent media for only RM0.36 sen a day:Subscribe now
Keep Malaysiakini independent!
Malaysiakini will be 18 this year. That we’ve survived this long is because of you.
Your support matters. A lot. Especially those who pay RM150 annually, RM288 biennially or RM388 triennially to keep Malaysiakini independent from government/opposition influence and corporate interests. Advertising alone will not keep Malaysiakini afloat.
Together, we’ve gone far. We’ve covered three prime ministers, four general elections, five Bersih rallies, and countless scandals. But the journey continues.
Help us deliver news and views that matter to Malaysians. Help us make a difference for Malaysia.