Petronas offers to buy shipping unit MISC's remaining shares
KUALA LUMPUR (REUTERS) - Malaysian state oil company Petronas has made an RM8.8 billion (S$3.5 billion) offer to buy out other shareholders in shipping unit MISC and delist it.
Petronas, which owns 62.7 per cent of MISC, made an offer for the remaining shares at RM5.30 per share, according to a stock exchange filing on Thursday.
Petronas, which provided no reason for its plans, said it intends to delist MISC from the local stock exchange if its offer is accepted.
"It makes sense for Petronas, but the market loses a large liquid stock. Nevertheless, it's a sweet deal for those who own MISC stock, since the offer price is at an RM0.8 premium," a Kuala Lumpur-based fund manager with a foreign asset management company said.