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PetDag sells Philippine LPG business for RM533m

Mimi Sabreena 8:10:00 PM Informasi

KUALA LUMPUR (July 5): Petronas Dagangan Bhd (PetDag) is selling its liquefied petroleum gas (LPG) business in the Philippines to Phoenix Petroleum Philippines Inc for US$124 million (RM532.5 million).

In a statement today, PetDag said its wholly-owned subsidiary PDB (Netherlands) BV has signed two share purchase agreements with Phoenix Petroleum; one for the sale of Petronas Energy Philippines Inc (PEPI) and the other its 40%-owned affiliate Duta Inc for a combined US$126.1 million (RM541.5 million), subject to adjustment at completion.

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