Monday, March 4, 2013

MISC rises after EPF's expectations of higher takeover price

KUALA LUMPUR: Shares of MISC Bhd rose on Monday as investors' sentiment perked up after the Employees Provident Fund (EPF) said it was looking at a higher price from Petroliam Nasional Bhd (Petronas).
At 9.03am, MISC was up nine sen to RM5.37. There were 909,000 shares done.
The FBM KLCI rose 0.21 of a point to 1,637,65. Turnover was 23.89 million shares valued at RM17.65mil. There were 50 gainers, 48 losers and 99 counters unchanged.
EPF chief executive officer Tan Sri Azlan Zainol was reported saying on Friday that Petronas should raise its RM8.8bil buyout offer for MISC Bhd, its biggest minority shareholder said.
"We are looking at a higher price for the shares than what Petronas is offering now," he said. The EPF owns 9.6% of the world's second-largest liquefied natural gas shipping company.
"It has not been finalised yet. We will see how it goes," he said in an interview here last Friday.

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