By Alexander Winifred
KUALA LUMPUR (Jul 5) -- Malaysia's Petronas Dagangan, the retail arm of state oil and gas company Petroliam Nasional, said Wednesday it plans to sell its stakes in Petronas Energy Phillipines, Inc. and Duta, Inc. for $124 million.
Proceeds from the sale will be used for capital expenditure requirements, it said in a stock exchange filing. The divestment, expected to give Petronas Dagangan a pro forma gain of 369.5 million ringgit ($85.99 million), is part of the company's "regular review of its portfolio of businesses and geographies in which it operates," it said.
The sale, which is pending regulatory approval, is expected to be completed in the third quarter of 2017.
- By Alexander Winifred; Alexander.Winifred@nikkeinewsrise.com; +60320267363
- Edited by Lopamudra Bhattacharya
- Send Feedback to feedback@NikkeiNewsRise.com
- Copyright (c) 2017 Nikkei NewsRise Asia Pte Ltd.