Kuala Lumpur: Now that it is shorn of its container acitivities MISC, the Malaysian flag carrier, is to be fully taken over by parent Petronas, Malaysia’s energy giant.
Petronas announced Thursday it has made a conditional takeover for the remaining shares in the line, at RM5.30 a piece, a premium of 81 sen above the closing price of RM4.49 on Wednesday.
Petronas already owns 62.67% stake or 2.797 billion shares of MISC. Once the buyout is completed Petronas will delist the shipping company, taking it private.
“MISC, as a 62.67% owned subsidiary of Petronas, is an important part of Petronas' integrated business and the prevailing industry backdrop and uncertain global economy have made efforts to sustain and transform the business of MISC challenging.
“The offer represents a significant step by Petronas to take MISC private and obtain full control of the company that will provide Petronas with greater flexibility in deciding MISC's strategic direction,” it said.
Petronas also stressed it had “no intention of making a separate take-over offer” for MISC's listed subsidiary, the shipyard Malaysia Marine and Heavy Energy Holdings.
Founded in 1968, MISC became a Pertronas subsidiary 15 years ago. It exited the liner trades last year, something not in line with Petronas’ core business. It now has a fleet of more than 160 owned and in-chartered vessels and a combined tonnage of approximately 15m dwt. As well as its large LNG fleet, its tanker arm, AET, which it bought from Neptune Orient Lines seven years ago gives it a very wide range of ships. MISC has also a tank terminal business via the acquisition of a 50% interest in VTTI B.V. This joint venture with Vitol has made MISC sixth largest independent tank terminal operator globally. MISC is also an increasingly serious offshore player, offering floating solutions mainly FPSOs/FSOs. [31/01/13]
