---
endpoint: analytics
pattern: Transport
status: done
latency_ms: 127720
conversation_id: 1b7604a4-ec2c-41f3-912d-c244e80d4e63
citations: 1
created: 2026-05-31 18:19:35Z
---

# Who are the key shareholders of MISC?

## MISC Berhad — Key Shareholders

MISC Berhad (Bursa Malaysia: MISC) is a **Petronas-controlled shipping and offshore energy services group**. The ownership structure is dominated by Malaysian government-linked institutions, with very modest free float.

### Shareholder Profile — Latest (as of 31 March 2026, per MISC IR slides)

| Shareholder | Stake | Type |
|---|---|---|
| **Petroliam Nasional Berhad (PETRONAS)** | **51.00%** | Controlling shareholder — Malaysian national oil company |
| **Employees Provident Fund (EPF)** | **15.08%** | Malaysian sovereign pension fund |
| **Other Malaysian Government Agencies** | **10.74%** | Includes KWAP, LTAT and other GLICs |
| **Foreign Investors** | **10.44%** | Non-Malaysian institutional + retail |
| **Permodalan Nasional Berhad (PNB)** | **7.13%** | Malaysian government-linked unit trust manager |
| **Other Malaysian Investors** | **5.61%** | Local institutional + retail |

Source: MISC Q1 FY2026 investor presentation (Appendix — Shareholders' Profile, dated 31 March 2026) [2].

### Cross-Reference: CLSA Snapshot (23 Feb 2025)

CLSA's MISC initiation/update report ("MISC – O-PF, Masked by provisions") corroborated the controlling stake and showed slightly different free-float metrics at that earlier vintage:

| Metric | Value |
|---|---|
| PETRONAS | **51.0%** |
| EPF | **12.9%** |
| Free float (est.) | **15.8%** |
| Foreign shareholding | **8.4%** |
| 12M price target | RM8.25 |
| Market cap | US$7.2bn |

Source: CLSA, 23 Feb 2025 [1].

### Key Takeaways

- **Petronas is the anchor.** The 51.0% controlling stake has been stable for over a decade; it is the strategic linchpin — Petronas is both the parent and MISC's single largest customer (via long-term LNG carrier charters to PETRONAS LNG Ltd. and asset/service contracts to PETRONAS Carigali, PETRONAS CCS Ventures, etc.).
- **Government-linked dominance — ~84% of register is "Malaysia Inc."** Petronas (51%) + EPF (15%) + Other Malaysian Government Agencies (11%) + PNB (7%) collectively hold ~84% of the shares. This makes MISC effectively a quasi-sovereign vehicle for Malaysian state shipping/energy infrastructure.
- **Free float and foreign holding have improved.** Foreign shareholding rose from ~8.4% (CLSA, Feb 2025 [1]) to ~10.4% in the Q1 FY2026 IR snapshot [2], and EPF stepped up its stake from ~12.9% to 15.08%. The increase is partly mechanical (PNB trimmed from ~8.6% to 7.13%) but also reflects rising institutional interest as the new LNG carrier deliveries (16 LNGCs scheduled through 2026–2030) and Mero 3 FPSO ramp-up underwrite earnings visibility.
- **Implication for governance/M&A.** With Petronas at exactly 51%, MISC operates with a clear single controlling shareholder. Minority protections, dividend policy and capital allocation are heavily influenced by Petronas' own strategic priorities — particularly its energy transition agenda (LNG, FPSO, CCS via Jules Nautica JV, LCO2 carriers).

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**Sources**
[1] MISC — O-PF (Masked by provisions) — CLSA (23 Feb 2025) — 607951336LinqAlpha.PDF
[2] MISC Berhad — Q1 FY2026 Investor Presentation, Shareholders' Profile (as of 31 March 2026)

## Citations

- [2] **MISC Bhd. Slide 1: Q1 2026 Earnings Call** · external

