(MENAFN- Trend News Agency) BAKU, Azerbaijan, Dec. 10
By Leman Zeynalova – Trend:
Malaysia's PETRONAS has successfully completed block trades of its shares in MISC Berhad (MISC), PETRONAS Dagangan Berhad (PETRONAS Dagangan) and PETRONAS Gas Berhad (PETRONAS Gas), Trend reports citing the company.
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.
PETRONAS retains its controlling stake in MISC, PETRONAS Dagangan, and PETRONAS Gas which will continue to be PETRONAS' subsidiaries.
Established in 1974, Petroliam Nasional Berhad (PETRONAS) is Malaysia's fully integrated oil and gas multinational.
PETRONAS Dagangan Berhad is the domestic marketing arm of PETRONAS and Malaysia's leading retailer and marketer of downstream oil and gas products.
Its retail operations consist of its large network of service stations and convenience stores across Malaysia. The company also offers aviation fuel, commercial vehicle lubricants, industrial and marine lubricants, as well as other specialty products. It is also the largest distributor of cooking gas and liquefied natural gas (LNG) products in Malaysia.
PETRONAS Gas Berhad is Malaysia's leading gas infrastructure and utilities company. It processes natural gas piped from offshore fields into sales gas and other by-products, which it then transports to customers in Malaysia and Singapore.
The company also manufactures, markets and supplies steam and industrial gases for its customers at the Kertih Integrated Petrochemical Complex in Terengganu and Gebeng Industrial Area in Pahang.
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