Petronas to hold IPO for South Africa unit Engen in 2020

A yet to be decided amount of shares in the company, which is South Africa’s biggest fuel retailer, will likely be sold on the Johannesburg Stock Exchange in the first half of next year, according to sources. Engen’s 135,000-barrel-per-day refinery needs to be upgraded to meet more stringent laws aimed at curbing pollution.

Johannesburg: Petroliam Nasional Bhd (Petronas) and its South African partners plan to conduct an initial public offering (IPO) in their fuel retailer Engen to fund the upgrade of a refinery in the coastal city of Durban and to expand its network of gas stations.

A yet to be decided amount of shares in the company, which is South Africa’s biggest fuel retailer, will likely be sold on the Johannesburg Stock Exchange in the first half of next year, according to sources.