Esso up on Petron entry

PETALING JAYA: Esso Malaysia Bhd rose eight sen to RM3.64 after Petron, a unit of San Miguel, said on Wednesday that it would invest in the downstream assets of ExxonMobil in Malaysia.

Esso Malaysia's shares touched an intra-day high of RM3.72, far higher than the RM3.50 per share price San Miguel is paying ExxonMobil for its 65% stake in Esso Malaysia. (ExxonMobil is selling this stake in Esso Malaysia along with other unlisted downstream petrol retailing assets to San Miguel for a total of US$610mil.)