Petronas Dagangan Sells Philippines LPG Business

KUALA LUMPUR: Petronas Dagangan Berhad , the marketing and retailing arm of Malaysian state energy firm Petronas, on Wednesday stated it's joined into a contract to market its liquefied oil gas (LPG) business within the Philippines for all of USD124 million.

Petronas Dagangan intends to sell 100 % of their equity curiosity about Petronas Energy Philippines Corporation and 40 % stake in Duta Corporation to Phoenix Oil Philippines Corporation.

“The divestment belongs to Petronas Dagangan’s regular overview of its portfolio of companies and geographies that operates,” the organization stated inside a statement.

The purchase is anticipated to create a gain of RM369.5 million (US$86.03 million) to Petronas Dagangan and it is units, the organization stated.

It's not envisioned having every other material effect on their earnings for that financial year ending 31 Dec.2017 And the sale is expected to realise a gain of US$ 86 million.

Maybank Investment Bank advised Petronas Dagangan around the purchase.

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