The offer comes after MISC's share price fell 46 percent over the past two years.
Last year the shipping company left the container shipping business, which had lost $789 million over three years, and shifted its focus to liquefied natural gas (LNG) tankers.
"The offer represents a significant step by Petronas to take MISC private and obtain full control of the company," the energy company said.
"That will provide Petronas with greater flexibility in deciding MISC's strategic direction."
MISC runs the second largest fleet of LNG ships in the world, following Qatar Gas Transport Co.
Industry-watchers predict mixed results for LNG carriers over the next few years, with the market suffering in the near term due to limited supply but picking up as more natural gas projects come online over the following few years. - ship and bunker .com