[ad_1]
KUALA LUMPUR (Dec 11): Petroliam Nasional Bhd (Petronas) confirmed yesterday that Malaysia’s national oil company successfully reduced its stakes in MISC Bhd and KLCCP Stapled Group through a share-accelerated book-building exercise to ensure a solid and sustainable portfolio.
In a statement today, Petronas said that reducing its stakes in transportation company MISC and real estate company KLCCP was also intended to ensure Petronas’ readiness to capture new business opportunities.
“These sales of shares will result in greater participation and ownership by local and international investors in these companies, as well as greater market liquidity.
“Petronas continues to hold controlling stakes in MISC and KLCCP, which remain key solution providers for Petronas,” the company said.
Petronas did not elaborate.
His statement today confirmed a report from theedgemarkets.com late yesterday that Petronas was dumping a portion of its holdings in MISC and KLCCP.
theedgemarkets.com, citing the terms sheet for the share sale, reported that Petronas was looking to sell 266 million shares of MISC, equivalent to a 5.96% stake in MISC at an offer price of RM6.67 per share, valuing the block of shares. at RM1.77 billion.
It was reported that after the sale of shares, Petronas will remain the controlling shareholder of MISC with a stake of approximately 51.6% versus 57.56% previously.
“The condition sheet indicates that the offer price is discounted by 4.94% over MISC’s five-day volume-weighted average (VWAP) price of RM 7.0169 on December 10, 2020, and a 2.2% discount for the closing today (December 10, 2020) of RM6.82.
Meanwhile, Petronas is also offering 140 million stapled securities, or 7.75% of KLCCP, comprising KLCC Property Holdings Bhd and KLCC Real Estate Investment Trust (REIT), to investors at RM 7.12 per stapled value.
“The portion of the securities is valued at RM996.8 million at the offer price, which is discounted by 6.03% over its five-day VWAP of RM7.5765 until December 10 and a discount of 5.7% above its closing price of RM7.55, ”reported theedgemarkets.com.
In Bursa Malaysia today, MISC’s share price had risen two sen or 0.29% to RM6.84 at 9.29am, with 182,700 shares traded.
Later, at 9.31am, KLCCP had fallen three sen or 0.4% to RM7.52, with 108,500 shares traded.
MISC’s share price of RM6.84 valued the company at about RM30.51 billion, while KLCCP’s share price of RM7.52 gave the group a market capitalization of around RM13.61 billion.
[ad_2]
