Malaysia's largest pension fund, the Employee Provident Fund has accepted the new buyout offer of 5.50 ringgit per share. The offer was submitted by state oil firm Petroliam Nasional Bhd in its quest to purchase shipping firm MISC Bhd.

This was announced three days after MISC confirmed the revised offer totalling US $3 billion to buy out all the remaining stock was unfair but was 'reasonable enough' in view of the prevailing market conditions in the shipping industry.

If this offer is accepted, Petronas' shareholdings in MISC would increase from 70.27% to 79.77%. Aside from the offer, Petronas was able to increase its shareholdings through purchases made by the oil firm from other MISC shareholders after it tendered its offer last February.

MISC share values closed at 5.41 ringgits per share, a decline of 0.18% at the time when the Kuala Lumpur bourse rose by an overall value of 0.64% this month.