Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Petronas bids to take MISC private

Petronas bids to take MISC private
Kuala Lumpur: Malaysian state oil and gas firm Petronas has launched a bid to take full control of its listed shipping subsidiary MISC.

Petronas, which owns a 62.67% stake in MISC. is offering MYR5.30 per share for the remaining shares in the shipping company it does not already own. The offer represents a 27.1% premium on the three-month average traded price of MISC’s shares and a 18.04% premium on its last trade price of MYR4.49 per share.

However, MISC’s shares have fallen sharply in the last two years and were trading has high the MYR8 per share mark in mid-2011.

Petronas said should its offer be successful it does not plan to maintain the listed status of the shipping company.

TAGS: LNG