Kuala Lumpur: The all important state run Employees Provident Fund (EPF) has approved Malaysian energy giant Petronas’ raised bid for its 9.5% stake in shipping line, MISC, meaning the country’s top shipping line is now all clear for privatization. Petronas has been forced to raise its bid to get minority shareholders to okay the plan, but EPF’s deal takes Petronas’ shareholding in MISC high enough to now follow through with privatization. In the two month takeover bid by Petronas it has had to repeatedly up its bid price, EPF finally accepting the latest offer of RM5.50 a share. [12/04/13]
