Reuters – Malaysia’s MISC Rises on Petronas Buyout Offer

Shares of Malaysia’s MISC Bhd rose as much as 17 percent after the shipping firm’s major shareholder Petroliam Nasional Bhd made an 8.8 billion Malaysian ringgit ($2.8 billion) buyout offer, equal to 5.30 ringgit per share, Reuters reported. Petronas, Malaysia’s state oil company, owns 62.7 percent of the shipping firm.

(Reuters) – Shares of Malaysia’s MISC Bhd rose as much as 17 percent after the shipping firm’s major shareholder Petroliam Nasional Bhd made an 8.8 billion Malaysian ringgit ($2.8 billion) buyout offer, equal to 5.30 ringgit per share.

As of 0102 GMT, MISC was 17.3 percent higher at 5.22 ringgit per share, outperforming the country’s benchmark stock index’s 0.54 percent rise.

Trading in MISC has been suspended since the offer was made last Thursday.

Petronas, Malaysia’s state oil company, owns 62.7 percent of the shipping firm.

The deal is the latest in a slew of privatisation offers in Malaysia. Tycoon tycoon Syed Mokhtar Al Bukhary in December offered to buy out commodities firm Tradewinds Bhd in a deal worth 1.5 billion ringgit or 9.30 ringgit per share.

Hong Leong Financial Group Bhd, a Malaysian lender controlled by the country’s sixth-richest man Quek Leng Chan, in January offered to take its 79 percent-owned investment banking arm Hong Leong Capital Bhd private.

($1 = 3.1070 Malaysian ringgits) (Reporting by Yantoultra Ngui and Al-Zaquan Amer Hamzah; Editing by Richard Pullin)

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