PETRONAS issue notice on conditional take-over offer on MISC BERHAD
Petroliam Nasional Berhad (“PETRONAS”) today announced that it has issued a Notice on conditional take-over offer (“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, according to media release.
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 has no plans to dismiss or make redundant the employees of MISC as a direct consequence of the Offer.
PETRONAS 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.
Please click the link below for the copy of the Conditional Take-over Offer Notice.