Malaysia's MISC Rises on Petronas Buyout Offer

Kuala Lumpur, Malaysia
Karin Slade | The Image Bank | Getty Images
Kuala Lumpur, Malaysia

Shares of Malaysia's MISC rose as much as 17 percent after the shipping firm's major shareholder Petroliam Nasional made an 8.8 billion Malaysian ringgit ($2.8 billion) buyout offer, equal to 5.30 ringgit per share.

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As of 0102 GMT, MISC was 17.3 percent higher at 5.22 ringgit per share, outperforming the country's benchmark stock index's 0.54 percent rise.

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Trading in MISC has been suspended since the offer was made last Thursday. Petronas, Malaysia's state oil company, owns 62.7 percent of the shipping firm.

The deal is the latest in a slew of privatization offers in Malaysia. Tycoon Syed Mokhtar Al Bukhary in December offered to buy out commodities firm Tradewinds in a deal worth 1.5 billion ringgit or 9.30 ringgit per share.

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Hong Leong Financial Group, a Malaysian lender controlled by the country's sixth-richest man Quek Leng Chan, in January offered to take its 79 percent-owned investment banking arm Hong Leong Capital private.