KUALA LUMPUR Feb 4 Shares of Malaysia's MISC
Bhd rose as much as 17 percent after the shipping
firm's major shareholder Petroliam Nasional Bhd made
an 8.8 billion Malaysian ringgit ($2.8 billion) buyout offer,
equal to 5.30 ringgit per share.
As of 0102 GMT, MISC was 17.3 percent higher at 5.22 ringgit
per share, outperforming the country's benchmark stock index's
0.54 percent rise.
Trading in MISC has been suspended since the offer was made
Petronas, Malaysia's state oil company, owns 62.7 percent of
the shipping firm.
The deal is the latest in a slew of privatisation offers in
Malaysia. Tycoon tycoon Syed Mokhtar Al Bukhary in December
offered to buy out commodities firm Tradewinds Bhd in
a deal worth 1.5 billion ringgit or 9.30 ringgit per share.
Hong Leong Financial Group Bhd, a Malaysian lender
controlled by the country's sixth-richest man Quek Leng Chan, in
January offered to take its 79 percent-owned investment banking
arm Hong Leong Capital Bhd private.
($1 = 3.1070 Malaysian ringgits)
(Reporting by Yantoultra Ngui and Al-Zaquan Amer Hamzah;
Editing by Richard Pullin)