Azlan Zainol, ceo of Employees Provident Fund, MISC’s largest minority shareholder, said that Petronas should increase its $2.8bn general offer, Bloomberg reports.
The demands could result in an impasse, according to head of research at UOB-Kay Hian Holdings (UOBK) Vincent Khoo. “Investors are betting on Petronas offering a higher price, including EPF,” he said. “At the same time, it appears that Petronas is not willing to up the general offer price, so there will be a gridlock in the meantime.”
Following Zainol’s remarks, trading volumes of five times their daily average, and MISC's share price rose 2.1%.
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