Petronas sells maritime unit to MISC

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KUALA LUMPUR (June 15): National oil company Petroliam Nasional Bhd (Petronas) is selling its entire equity interest in Petronas Maritime Services Sdn Bhd to MISC Bhd for RM54.11 million cash.

MISC, a 62.67% subsidiary of Petronas, said the purchase would enable the buyer to expand its maritime operations, which included shipping.

“The acquisition will enable MISC to become a one-stop maritime services to Petronas Group and become its centre of maritime excellence,” MISC said in a statement to Bursa Malaysia today.

MISC said the company and Petronas had signed the sale and purchase agreement for the Petronas Maritime transaction.

The principal activities of Petronas Maritime include maritime services, consultancy and audit.

At 2:31pm, MISC shares rose two sen or 0.2% to RM8.40 for a market value of RM37.46 billion.

The stock saw 369,500 shares traded.