KUALA LUMPUR (Reuters) - The petrochemicals arm of Malaysia’s state oil firm Petronas PETR.UL will sell its stake in Vietnam’s Phu My Plastics and Chemical Company Ltd (PMPC) to Japan’s Asahi Glass Co Ltd (5201.T) and Mitsubishi Corporation (8058.T).
Petronas Chemicals Group Bhd (PCGB.KL) said in a stock exchange statement on Wednesday the divestment of 93.1 percent 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 the second quarter of 2014.
Deutsche Bank acted as financial advisor to Petronas Chemicals for this transaction.
Petronas Chemical shares closed up 0.6 percent on Wednesday, outperforming the broader market .KLSE that slipped 0.2 percent.
Reporting by Niluksi Koswanage; Editing by Edwina Gibbs