Business

Malaysia’s Petronas makes higher offer to buy out MISC

April 05, 2013

KUALA LUMPUR, April 5 — Malaysia’s state-owned oil and gas firm Petroliam Nasional Bhd said today it raised the offer price to take over shipping firm MISC Bhd to RM5.50 per share from RM5.30 ringgit previosly.

The revised offer comes after MISC’s other major shareholder the Employees Provident Fund (EPF) said the original bid was unattractive.

Petronas did not disclose reasons behind the revised offer.

Shares of MISC closed 0.73 per cent lower at RM5.46 ringgit per share. — Reuters

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