KUALA LUMPUR (Nov 5): MISC Bhd's share price fell as much as 11 sen or 1.33% to RM8.17 so far today before paring losses as the broader market dropped and after a news report indicated an unidentified MISC shareholder sold 70 million shares in the shipping firm at RM8.08 each in a share placement.

At RM8.08 each, the 70 million shares were valued at RM565.6 million. The 70 million shares represent a 1.57% stake based on MISC's issued base of 4.46 billion shares.

At Bursa Malaysia's 12:30pm afternoon break, FBM KLCI component MISC shares settled at RM8.19 among top decliners. MISC saw 2.31 million shares transacted.

In the broader market, the KLCI settled down 3.12 points or 0.19% at 1,600.44.

Bloomberg, quoting terms of the MISC share placement deal, reported today that the MISC shares were offered at RM8.05 to RM8.22 each.

"Book was 'multiple times covered' and the holder exercised the upsize option to sell an additional 10 million shares. Domestic investors took up about 90% of the offering, while the rest went to foreign investors.

"Maybank is the sole bookrunner of the deal," Bloomberg reported.

Petroliam Nasional Bhd (Petronas) is MISC's largest shareholder followed by the Employees Provident Fund (EPF). 

MISC's latest annual report shows that Petronas owned 2.8 billion shares or a 62.67% stake in MISC as at February 27, 2019.

The EPF held 277.96 million shares representing a 6.23% stake in MISC, according to the annual report.