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Petronas completes block trades in three subsidiaries

Syndicated News
Written by Syndicated News

KUALA LUMPUR — Dec. 9, 2019: Petronas has completed block trades of its shares in MISC, Petronas Dagangan and Petronas Gas, with the block trades marketed to Malaysian institutional funds and carried out as part of the national oil company’s portfolio management strategy.

The company further remains committed to these companies which are essential entities in the Petronas integrated business value chain.

The sale of the shares will also allow for more local participation and ownership in the publicly listed companies, said a statement today, while adding that Petronas retains its controlling stake in the three subsidiaries.

A news report mentioned that Petronas raised about RM6 billion by reducing its stakes in the companies.

The share placements were executed on Monday and the selldown will rank among the biggest-ever block trades in Malaysia.

Petronas is raising capital to fund overseas expansion after finishing a US$27 billion refinery and petrochemicals project at Pengerang, Johor. 

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Syndicated News

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