Petronas proposes Progress relisting to win Canada support

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas), which is seeking approval of a C$5.2bil takeover of Progress Energy Resources Corp, has proposed a public offering of shares in the natural gas producer within five years as a concession to Canada’s government, a person with knowledge of the matter said.

Petronas offered to sell Progress Energy shares three to five years after completing the buyout, the person said, asking not to be identified as the information is private. The move might also address shareholders’ concerns over Progress Energy’s future, the person said.