Petronas and EPF to deal for MISC


Lawrence Yong, KiniBiz            

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.

azlanSources 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.

 

Taboola


Petronas and EPF to deal for MISC

Lawrence Yong, KiniBiz,

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.

azlanSources 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.

 


Malaysiakini
news and views that matter

Sign In