Petronas Cuts Stake in Three Listed Units
Malaysian state-run Petronas has sold stake in three of its listed units, the company said December 9 without offering any financial details. However, Bloomberg, citing sources, reported the stake sale will help Petronas raise ringgit 6bn ($1.4bn).
The company has cut stake in its shipping unit MISC, retail unit Petronas Dagangan and natural gas transporter Petronas Gas. The block trades were marketed to Malaysian institutional funds, Petronas said.
“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,” the company said.
Petronas retains its controlling stake in the three subsidiaries. “We remain committed to these companies which are essential entities in the Petronas integrated business value chain,” it said.