MISC to exit liner business

Monday, 28 November 2011 00:00 -     - {{hitsCtrl.values.hits}}

KUALA LUMPUR (Reuters): Malaysian shipping company MISC Bhd said last week that it will leave the liner business owing to changes in “operating dynamics”.

The liner, or container shipping, business has resulted in a loss of $ 789 million for MISC over the past three years, the shipper said in a stock exchange filing.

MISC said it would incur a one-time cost of $ 400 million as a result of exiting the liner business, and this sum will be booked in its present financial year.

MISC shares fell 1.13 per cent to 6.13 ringgit ($ 1.93) per share on Thursday before trading was suspended ahead of the announcement.