Tuesday, 23 October 2012
Petronas completes acquisition of two companies in Philippines
Petronas Dagangan Bhd (PDB) has completed the acquisition of Petronas Energy Philippines Inc (PEPI) and Duta Inc (Duta) in accordance with the terms of the share sale and purchase agreements dated June 1, 2012.
In a statement today, PDB said following the completion of the acquisition, PEPI and Duta will be held by it via its newly-incorporated, wholly-owned investment holding company, PDB (Netherlands) B.V.
Its managing director/chief executive officer, Aminul Rashid Mohd Zamzam, said the strategic regional expansion plan was part of PDB's effort to expand its market reach and geographically diversify revenue and earnings base.
"PDB is confident of growing its presence in the region by leveraging on Petronas' strong brand in these countries and utilising its shared supply.
"Moreover, we will also be able to tap into PDB's 30 years of experience, scale and technical capabilities to drive our growth," he said.
The two companies are part of the six downstream companies in South-East Asia which PDB acquired earlier in June 2012.