Monday, 22 April 2013

MISC slides 13.4% after Petronas fails in takeover bid

KUALA LUMPUR: Shares of MISC Bhd fell as much as 13.4% in early trade on Monday after Petroliam Nasional Bhd failed in its takeover.

At 9.03am, MISC had fallen 71 sen to RM4.59 with 1.67 million shares done.

The FBM KLCI fell 3.58 points to 1,702.7. Turnover was 20.63 million shares valued at RM19.32mil. There were 51 gainers, 53 losers and 92 counters unchanged.

Last Friday, Petronas announced acceptance from shareholders amounted to 86.07%, or 3.93% short the 90% shareholding level to make the offer unconditional.

Petronas would return all MISC shares that had been transferred into Petronas' central depository system account to the respective shareholders within 14 days.

Petronas needed to achieve a 90% acceptance level for the offer to become unconditional, thereby paving the way for the stock's delisting. 



 Pity to the MISC shareholders...Just 3.93% short of the 90% unconditional take-over.

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