PETDAG REVIEWING GLOBAL PORTFOLIO TO STAY SUSTAINABLE

KUALA LUMPUR: Petronas Dagangan Bhd (PetDag) is reviewing its international business portfolio to ensure sustainable returns for shareholders.

Managing director and chief executive officer Datuk Mohd Ibrahimnuddin Mohd Yunus said the latest divestment in the Philippines was a normal process.

“We will review all our international business portfolio to see what sort of returns we can give to our shareholders and other stakeholders,” he said at the company ’s Hari Raya Aifilfitri open house, here, yesterday.

Ibrahimnuddin said the oil and gas product retailer was open to opportunities in domestic and international markets.

“We never say no to any market. We will definitely take a look and evaluate it, to make sure we give the right returns to our shareholders.”

Petronas Dagangan, through wholly-owned PDB (Netherlands) BV, exited the liquefied petroleum gas business in the Philippines by selling its entire stake in Petronas Energy Philippines Inc and 40 per cent stake in Duta Inc to Phoenix Petroleum Philippines Inc for US$124 million (RM539.1 million).

Petronas Dagangan said in its filing to Bursa Malaysia on Wednesday the divestment was expected to result in a gain of RM369.5 million.

The sales proceeds will likely be used for its capital expenditure. Ayisy Yusof