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MISC taking over Petronas' Sungai Udang Port operating unit

MISC taking over Petronas' Sungai Udang Port operating unit
Petronas unit MISC plans to be a one-stop maritime centre for its parent, following the purchase of the national oil company's maritime services company, local reports said.

MISC said it was buying Petronas' entire stake in Petronas Maritime Services Sdn Bhd (PMSSB) for MYR54.1m ($14.4m).

One of PMSSB's key assets is its unit Sungai Udang Port Sdn Bhd which has the concession to operate and manage Sungai Udang Port in Malacca where Petronas has a refinery.

"The acquisition will complement MISC's existing business and service range and enhance MISC's position as a service provider," it added.

MISC said the purchase was expected to be completed by 7 July 2015. WIth PMSSB deriving substantial revenue from Petronas, its financial results are strongly impacted by Petronas business, MISC warned.