KUALA LUMPUR: Petronas said on Dec 9 that it has completed block trades of its shares in MISC Bhd, Petronas Dagangan Bhd and Petronas Gas Bhd.

The national oil firm said the block trades were marketed to Malaysian institutional funds and were carried out as part of Petronas’ portfolio management strategy.

“We remain committed to these companies which are essential entities in the Petronas integrated business value chain,” it said in a statement.

The share sales would also allow for greater local participation and ownership in the publicly listed companies, it said, adding that Petronas retains its controlling stake in MISC, Petronas Dagangan, and Petronas Gas, which will continue to be its subsidiaries.

Petronas is reported to have raised about RM6 bil by reducing its stakes in the three units, and that the selldown ranks among the biggest-ever block trades in Malaysia.

Petronas is raising capital to fund overseas expansion after completing a US$27 bil (RM112.35 bil) refinery and petrochemicals project at Pengerang, Johor, said a news report. – Bernama

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