Petronas places out stakes in three companies


  • Energy
  • Monday, 09 Dec 2019

Petronas stated that it would still retain its controlling stake in the three companies which will continue to be Petronas’ subsidiaries.

KUALA LUMPUR: Petroliam Nasional Bhd has disposed of some stakes in three of its related companies to Malaysia institutional funds.

The national oil company said on Monday it had disposed of some shares in MISC BHD, Petronas Dagangan Bhd and PETRONAS GAS BHD.

“The block trades were marketed to Malaysian institutional funds. The trades are carried out as part of Petronas’ portfolio management strategy.

“The sale of the shares would also allow for more local participation and ownership in these publicly listed companies, ” it said in a statement.

Petronas stated that it would still retain its controlling stake in the three companies which will continue to be Petronas’ subsidiaries.

“We remain committed to these companies which are essential entities in the Petronas integrated business value chain, ” it said.

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