April 11, 2013 / 11:16 AM / in 5 years

Malaysia's pension fund accepts revised offer for stake in MISC

KUALA LUMPUR (Reuters) - Malaysia’s shipping firm MISC Bhd (MISC.KL) said on Thursday that the country’s pension fund, the Employee Provident Fund (EPF), has accepted the revised buyout offer at 5.50 ringgit per share made by state oil group Petroliam Nasional Bhd (Petronas)PETR.UL.

    The announcement came three days after MISC said the revised $3 billion offer from shareholder Petronas to buy out all remaining stock was not fair, but reasonable enough in view of over-capacity in the shipping industry that the company faces.

    The acceptances by EPF raised Petronas’ equity stake in MISC to 79.77 percent from 70.27 percent previously. Petronas has garnered an additional eight percent from other MISC shareholders since it first made the offer in February.

    Shares of MISC closed 0.18 percent lower at 5.41 ringgit per share, underperforming the benchmark index’s 0.64 percent rise.

    Reporting By Yantoultra Ngui; Editing by Niluksi Koswanage

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