MISC denies merger talks

Malasian shipping corporation MISC has denied that it is in merger discussions with marine transportation, engineering and maintenance services compatriot Bumi Armada.

Recent local reports have stated that the two companies were waging a deal that would see MISC, which is controlled by Malaysian national oil company Petronas, sell its floater business to Bumi Armada in exchange for shares in the company.

“In response to recent market speculation, MISC wishes to state that the company is not in any discussions with Bumi Armada on any potential transaction,” read a statement from the company released on Tuesday.

MISC had previously released a statement that failed to dismiss speculation on the talks. “MISC wishes to clarify that in the course of the company’s day-to-day business and operations, the company continuously explores and assesses opportunities and growth prospects,” it said in response to articles in news outlets The Star and The Edge Malaysia.

“Should such opportunities materialise and decisions are made to pursue them, the necessary announcement to Bursa Securities will be made in due course,” the statement added.

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