KUALA LUMPUR, Malaysia--Malaysian gasoline-stations operator Petronas Dagangan Bhd. (5681.KU) has agreed to sell stakes in two of its units in the Philippines for $124 million in cash.
The unit of Malaysian state oil company Petroliam Nasional Bhd., or Petronas, said it had entered into two agreements with Phoenix Petroleum Philippines Inc. (PNX.PH) to unload its 100% equity interest in Petronas Energy Philippines Inc. and 40% equity interest in Duta Inc., respectively, according to a local stock-exchange filing.
Petronas Energy Philippines is a trader of liquefied petroleum gas, while Duta is involved in buying and selling securities and leasing land, according to the filing.
Petronas Dagangan conducted the deal through its wholly owned unit PDB (Netherlands) BV. It said the divestment was part of a regular review of its portfolio of businesses and the regions in which the company operates.
The sale is expected to yield a gain of 369.5 million ringgit ($86 million) for Petronas Dagangan, which plans to use the deal's proceeds for capital expenditure.
Shares of Petronas Dagangan closed Wednesday down 0.3% at MYR24.10, underperforming the local benchmark stock index's 0.35% rise. Shares of the company have climbed about 1% year to date.
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(END) Dow Jones Newswires
July 05, 2017 06:43 ET (10:43 GMT)