Petronas Dagangan Bhd, the supplier of petroleum products in Malaysia, has completed the acquisition of two Vietnamese petroleum companies, Petronas Vietnam Co and Thang Long LPG Co.
The transaction was made in accordance with an agreement of share sale and purchase dated June 1, 2012.
Both Vietnamese companies would be held by Petronas Dagangan Bhd (PDB) via a wholly owned investment holding PDB (the Netherlands) BV, the company announced in a statement on Monday.
Following the deal, PDB has completed the acquisition of all six downstream companies in South East Asia.
PDB managing director and chief executive officer Aminul Rashid Mohd Zamzam said at the completion of the agreement that PDB would fully integrate its domestic and regional operations.
“The focus moving forward is to roll out the various growth initiatives over the next 12 months, focusing on nurturing and strengthening the newly acquired companies,” Zamzam said.
PDB is a subsidiary of Malaysian oil and gas company Petroleum National Berhad (Petronas) which holds a 69.86 per cent stake.
PDB is involved in the distribution and sale of finished petroleum products and operations of service stations for the domestic market. — VNS
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