Petronas Dagangan to sell Philippines LPG business for $124 MM
KUALA LUMPUR (Reuters) — Petronas Dagangan Berhad, the marketing and retailing arm of Malaysian state energy firm Petronas, on Wednesday said it has entered into an agreement to sell its liquefied petroleum gas (LPG) business in the Philippines for $124 MM.
Petronas Dagangan plans to sell 100% of its equity interest in Petronas Energy Philippines Inc and 40% stake in Duta Inc to Phoenix Petroleum Philippines Inc.
"The divestment is part of Petronas Dagangan's regular review of its portfolio of businesses and geographies in which it operates," the company said in a statement.
The sale is expected to result in a gain of $86.03 MM to Petronas Dagangan and its units, the company said.
It is not expected to have any other material impact on the company's earnings for the financial year ending Dec 31, 2017.
Maybank Investment Bank advised Petronas Dagangan on the sale.
Reporting by A. Ananthalakshmi; Editing by Vyas Mohan
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