GENERAL

PETRONAS COMPLETES DISPOSAL OF STAKE IN SOUTH AFRICA-BASED ENGEN

21/05/2024 07:31 PM

KUALA LUMPUR, May 21 (Bernama) -- Petroliam Nasional Bhd (Petronas) has completed the disposal of its entire 74 per cent stake in Engen Ltd (Engen) to Vivo Energy after obtaining approval from the Competition Tribunal of South Africa.

With the completed transaction, Vivo Energy will be Engen’s new major shareholder.

In a statement today, Petronas said as a subsidiary of the multinational parent company, Vitol, and a strong foothold in Africa’s energy sector, Vivo Energy possesses extensive experience in Africa's energy sector, allowing it to effectively guide Engen through its forthcoming growth phase.

The Phembani Group -- Petronas’ long-standing partner in Africa and Engen’s Broad-Based Black Economic Empowerment shareholder -- will remain a shareholder in Engen alongside Vivo Energy, it added.

Petronas first acquired shares in Engen in 1996 and became its majority shareholder in 1998.

Engen’s primary business is in the marketing of petroleum, lubricants and functional fluids, chemicals and retail convenience services.

The company has a large retail footprint of around 1,300 service stations across seven countries in sub- Saharan Africa and the Indian Ocean Islands.

--BERNAMA

 

 


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