KUALA LUMPUR: MISC Bhd plans to be a one-stop maritime centre for Petroliam Nasional Bhd (Petronas) following the purchase of the national oil company’s maritime services company.
MISC announced on Monday it was buying Petronas’ entire stake in Petronas Maritime Services Sdn Bhd (PMSSB) for RM54.1mil.
PMSSB has net assets of RM32.9mil and reported profit after tax of RM32.90mil for the financial period ended May 31, 2015.
PMSSB has a unit Sungai Udang Port Sdn Bhd whose core activities are to operate and manage the Sungai Udang Port.
“The acquisition will complement MISC’s existing business and service range and enhance MISC’s position as a service provider,” it added. Petronas owns 62.67% of MISC.
MISC said the purchase was expected to be completed by July 7, 2015.
Despite PMSSB deriving substantial amount of revenue from Petronas, PMSSB’s financial results were expected to be adversely affected if Petronas reduced its business, MISC cautioned.
However, MISC said the acquisition would not have an impact on its earnings per share, net assets, and gearing of MISC for the financial year ending Dec 31, 2015.
