Shares in shipping firm MISC Bhd fell nearly 10 per cent on Monday after a revised US$3 billion privatization bid by state oil and gas company Petroliam Nasional Bhd (Petronas) fell through.

By the deadline on April 19, Petronas had only managed to lift its stake in MISC to 86.07 per cent, short of the required 90 per cent acceptance by shareholders the national oil firm needed to take MISC private, according to a stock exchange filing late Friday.

The shipping group earlier this month said Petronas' revised US$3 billion offer to buy out all remaining stock was not fair because it was lower than the combined valuation of its different divisions.

By 9.49am, MISC shares had slipped 9.6 per cent. The benchmark Kuala Lumpur stock index rose 0.1 per cent.-- Reuters