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.
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