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Petronas Dagangan divests stakes for US$124 mln

The Petronas technology institute in Terengganu's Batu Rakit has been successful in training skilled workers for the oil and gas industry.

The Petronas technology institute in Terengganu's Batu Rakit has been successful in training skilled workers for the oil and gas industry.

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KUALA LUMPUR, July 5 2017 : Petronas Dagangan Bhd’s subsidiary, PDB (Netherlands) BV (PDBN), has entered into two share purchase agreements with Phoenix Petroleum Philippines Inc to divest 100 per cent and 40 per cent stake respectively in Petronas Energy Philippines Inc (PEPI) and Duta Inc for US$124 million (RM532.5 million).

 Upon completion of the divestments, PEPI will cease to be an indirect subsidiary of Petronas Dagangan and Duta will no longer to be an indirect associated company of the group. 

 “The proposed consideration of US$124 million will be satisfied entirely via cash. The divestment is expected to result in a gain of RM369.5 to Petronas Dagangan and its subsidiaries,” said Petronas Dagangan in a filing to Bursa Malaysia today. 

The divestments were part of a regular review of the group’s portfolio of businesses and geographies in which it operates, the company said. 

Petronas Dagangan said the proceeds to be received from the divestments were expected to be utilised  for its future capital expenditure between the financial years ending Dec 31, 2018 and Dec 31, 2020. 

“The divestment is expected to be completed in the third quarter of 2017,” it added. – Bernama

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