MISC Looks for Takeover Targets

Tuesday, August 15, 2006
MISC Bhd, the world's largest carrier of liquefied natural gas (LNG), is on the lookout for takeover targets to help it grow amid softer shipping rates, according to a report on http://www.btimes.com.my. In 2003, the firm bought American Eagle Tankers (AET), a crude oil transportation company, from Singapore's Neptune Orient Lines for $445 million. An analyst from a foreign research house said that if MISC were to buy, it will be to support AET to grow its petroleum business. MISC has allocated some RM8.44 billion mainly to build tankers and ships. It owns 21 LNG tankers, 49 petroleum tankers, 13 chemical tankers and 21 containerships as of June 30. (Source: http://www.btimes.com.my)

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