KUALA LUMPUR: Petronas Chemicals Group Bhd is selling its entire 93.11% stake in Vietnam-based Phu My Plastics and Chemical Company Ltd (PMPC) as it seeks to halt its its polyvinyl chloride (PVC) vinyl business.
It said on Wednesday it was divesting its 93.11% interest in PMPC, which has a production capacity of 100,000 tonnes per annum of PVC.
The divestment was part of the group's plan to discontinue its vinyl business as announced last year, in line with its portfolio optimisation strategy.
Petronas Chemicals expected the divestment to be completed by Q2 of 2014, subject to conditions in the agreement being met.
Deutsche Bank acted as financial adviser to PetChem in relation to the transaction.