Malaysia’s oil company Petroliam Nasional Berhad (“PETRONAS”) today announced that it has issued a Notice on conditional takeover offer to MISC’s Board of Directors for the remaining 1,666,333,303 shares in MISC which it does not hold for a cash offer price of RM5.30 per share.
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 is a maritime transportation and logistics provider focused on energy transportation.
“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,” said the company in a statement.
The principal businesses of MISC consist of ship owning, ship operating, other shipping related activities, owning and operating of tank terminals and offshore floating facilities as well as marine repair, marine conversion and engineering & construction works.
PETRONAS’ statement further says: “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.”
Also, the oil company assured that MISC workers will not be dismissed or made redundant as a consequence of the offer.
Offshore Energy Today Staff, January 31, 2013