Malaysian oil and gas company Petroliam Nasional Bhd has decided to offer higher price to acquire shipping firm MISC Bhd for 9.21 billion ringgit.
The revised offer, which is valued at 5.50 ringgit per share, came after Employees Provident Fund, the other major shareholder of MISC, found the original bid of 5.30 per share to be not acceptable.
According to some equity analysts, MISC could draw a higher value in view of a sweeter outlook ahead after the sale of its loss-making liner business.
Already holding an equity stake worth 62.67% in MISC, Petronas aims to acquire more to reach 90% for the deal to go through.
Reasons why the offer was revised were not disclosed by Petronas. The offer is seen higher than the share of MISC that closed 5.46 ringgit per share.
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