Petronas Offers USD 2.83 Billion for MISC, Malaysia

Petroliam Nasional Berhad (PETRONAS) said that it has issued a Notice on conditional take-over offer to MISC, an LNG tanker operator-owner, for the remaining 1,666,333,303 shares in the company which it does not hold for a cash offer price of RM5.30 per share (8.8 billion ringgit or $2.83 billion).

The Offer is conditional on PETRONAS having received valid acceptances which would result in PETRONAS holding 90% or more of the total MISC shares.

“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,” Petronas said in a statement.

PETRONAS also said it has no plans to dismiss or make redundant the employees of MISC as a direct consequence of the Offer and has no intention of making a separate take-over offer for the shares in the listed subsidiary of MISC, namely Malaysia Marine and Heavy Engineering Holdings Berhad.

[mappress]
LNG World News Staff, January 31, 2013; Image: MISC