News

Petronas completes block trades in MISC, Petronas Dagangan and Petronas Gas

KUALA LUMPUR, Dec 9 -- Petroliam Nasional Bhd (Petronas) has successfully completed block trades of its shares in MISC Bhd, Petronas Dagangan Bhd and Petronas Gas Bhd.

The national oil firm said the block trades were marketed to Malaysian institutional funds and carried out as part of Petronas’ portfolio management strategy.

“We remain committed to these companies which are essential entities in the PETRONAS integrated business value chain,” said Petronas in a statement today.

The sale of the shares would also allow for more local participation and ownership in the publicly listed companies, it said, adding that Petronas retained its controlling stake in MISC, Petronas Dagangan, and Petronas Gas, which will continue to be its subsidiaries.

According to a news report, Petronas raised about RM6 billion by reducing its stakes in three listed units.

Quoting sources, the report said 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, said the news report. 

-- BERNAMA

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