Petronas sells Vietnam unit to Asahi Glass, Mitsubishi Corp

13-Nov-13

The petrochemicals arm of Malaysia's state oil firm Petronas will sell its stake in Vietnam's Phu My Plastics and Chemical Company Ltd (PMPC) to Japan's Asahi Glass Co Ltd and Mitsubishi Corporation, as per Reuters. Petronas Chemicals Group Bhd, in a stockexchange statement said the divestment of 93.1% of PMPC was part of a plan to discontinue its vinyl business and strengthen its asset portfolio. Petronas Chemicals did not disclose the financial details of the transaction but said the sale would be completed by Q2-2014. Deutsche Bank acted as financial advisor to PetronasChemicals for this transaction.