MISC To Raise $600M To Buy Ships
Malaysia International Shipping Corp (MISC) will raise about $600 million in global bonds by mid-2001 to partly fund the purchase of four ships worth some $1 billion. "We are first going to the market to be rated by international agencies like Standard & Poor's and Moody's and then will look at issuing bonds," MISC managing director Mohd Ali Yasin said. He said the credit ratings and the bond issue, the first by MISC globally, would be completed by middle of next year. MISC, one of the world's largest liquified natural gas (LNG) tanker operators, has placed orders for four LNG ships costing about $1 billion for delivery over the next five years. It also has an option to place firm orders for another two before the end of this year.
MISC Expects Good Profits
Malaysian International Shipping Corp. (MISC), the world's largest liquefied natural gas (LNG) carrier, said it expects profits in fiscal 2002 to be higher than 2001. "Despite the slowdown in the world economy, we are confident we can move ahead," said managing director Mohd Ali Yasin. MISC, part of state oil firm Petronas, earlier announced a net profit of $363 million, or 74.3 cents earnings a share, in the year ended March 2001, slightly above market expectations. Comparative figures were not available due to a change in its financial year-end from December to March. Multex Global Estimates net profit consensus for 2001 was 1.33 billion ringgit or 71.7 cents earnings a share.
