Malaysia’s state-owned oil and gas firm Petroliam Nasional Bhd said today it raised the offer price to take over shipping firm MISC Bhd to RM5.50 (US$1.79) per share from RM5.30 previously.

The revised offer comes after MISC’s other major shareholder the Employees Provident Fund (EPF) said the original bid was unattractive.

Petronas did not disclose the reasons behind the revised offer.

Shares of MISC closed 0.73 percent lower at RM5.46 per share.

- Reuters