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Article: AET buy boosts MISC transport business
- Article from:
- The Malay Mail
- Article date:
- April 30, 2003
- Author:
CopyrightCopyright 2003 The Malay Mail. Provided by ProQuest LLC. (Hide copyright information)
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MALAYSIA International Shipping Corp Bhd's (MISC) plan to buy
American Eagle Tankers Ltd (AET) from Neptune Orient Lines Ltd (NOL)
for US$445 million (US$1 = RM3.80) has fortified the national sea
carrier's Nelson hold on the tanker and liquefied natural gas (LNG)
transportation business.
Sources now say MISC has plans to hive off its non-core business,
including its travel agency Titar Travel Sdn Bhd and its 37 per cent
stake in Affin Merchant Bank Bhd.
Also in the offing are plans to curtail expansion on the carrier's
box ship business, sources say. They say that NOL will focus on the
box ship business, while MISC growth driver will be the tanker and
LNG business.
Yesterday's acquisition ...