Asia/Pacific News
MISC: No Intention to Sell its AET Tankers Business
Malaysia-based MISC Bhd (MISC) Friday in an emailed statement sought to put an end to recent speculation it will divest its wholly-owned petroleum tanker unit, AET Tanker Holdings Sdn Bhd.
"In response to recent market speculation, MISC confirms that petroleum shipping is a core element of its current and ongoing business and, as such, has no plans to divest itself of its petroleum tanker subsidiary," said MISC.
MISC has been reorganizing its operations from a diversified shipping company to a more energy-focused company.
It has gradually divested itself of non-core businesses, including container shipping, which it ended in 2012.
Reports last week speculated that MISC would sell AET, which owns 74 crude oil and product tankers, to Canada-based Teekay Tankers Ltd.
Local media noted that AET is seen as a potential acquisition target for Teekay, and that Teekay chief executive Kevin Mackay had discussions with AET about an acquisition.
MISC acquired AET in 2003 for $445 million.
In 2013, Petroliam Nasional offered to take full ownership of MISC, buying the 37 percent of the shipping company that it didn't already own for $2.8 billion.
