KUALA LUMPUR (Apr 24): MISC Bhd, a 62.7%-owned subsidiary of Petroliam Nasional Bhd, said it has no intention of disposing of its wholly-owned petroleum tanker unit, AET Tankers Ltd.
"In response to recent market speculation, MISC confirms that petroleum shipping is a core element of its current and ongoing business and as such, has no plans to divest itself of its petroleum tanker subsidiary," it said in a brief statement today.
On Apr 17, 2015, Oslo-based shipping publication Tradewinds had reported that Canada-based Teekay Tankers Ltd was interested to acquire AET Tankers. However, MISC neither denied nor confirmed the report when approached by The Edge Financial Daily last week.
MISC’s (fundamental: 2; valuation: 1) share price has been on an uptrend from RM8.99 since Monday (Apr 20).
The counter closed up three sen or 0.32% at RM9.35 per share today, giving it a market capitalisation of RM41.6 billion.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)