Malaysian shipping giant MISC has offered to sell its oil and gas engineering and construction subsidiary to Ramunia Holdings for 3.2 billion ringgits (US$980 million).
Ramunia said to the Malaysian Stock Exchange that it received on 18 January 2008 an offer from MISC to dispose of its entire equity interest in wholly owned subsidiary Malaysia Marine & Heavy Engineering (MMHE) in exchange for an issue of new Ramunia shares valued at RM0.50 each and new irredeemable convertible preference shares. The offer lapses today, 21 January 2008, at 5.00 pm Malaysian time unless MISC chooses to extend it. MMHE is a specialist oil and gas fabricator, as is Ramunia Holdings. Both are very experienced in the engineering, procurement and construction of offshore oil and gas production facilities.
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