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Monday, December 9, 2019

Petronas raises RM6 bil after cutting stakes in listed units

Petronas is raising capital to fund overseas expansion.
KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) has raised about RM6 billion cutting its stakes in three listed units, people with knowledge of the matter said.
The state oil company reduced its holdings in retail subsidiary Petronas Dagangan Bhd, natural gas transporter Petronas Gas Bhd and shipping company MISC Bhd, the sources said.
The share placements were executed today, they said.
The selldowns will rank among the biggest-ever block trades in Malaysia, according to data compiled by Bloomberg.
Petronas is raising capital to fund overseas expansion after finishing up a US$27 billion (RM112.35 billion) refinery and petrochemicals project at home.
It plans to allocate a larger share of its future capital expenditure to projects in the Americas, chief executive officer Wan Zulkiflee Wan Ariffin said in an April interview.
A representative for Petronas didn’t immediately respond to an email and phone call. Officials at Petronas Dagangan, Petronas Gas and MISC couldn’t immediately be reached for comment. - FMT

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