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Petronas Chemicals Group Bhd Divests Stake In Phu My Plastics And Chemical Company Ltd To Asahi Glass Co. Ltd and Mitsubishi Corporation

Wednesday, 6 Nov 2013 04:51am EST 

Petronas Chemicals Group Bhd announced that it has entered into an agreement to divest all its interest in Phu My Plastics and Chemical Company Ltd. (PMPC) to Asahi Glass Co. Ltd. and Mitsubishi Corporation. PCG holds 93.11% interest in PMPC, a company located in Vietnam with a production capacity of 100,000 metric tonnes per annum of polyvinyl chloride (PVC). The divestment is part of PCG’s plan to discontinue its vinyl business as announced last year, in line with its portfolio optimisation strategy. Completion of the divestment is expected by Q2 2014, subject to conditions in the agreement being met. Deutsche Bank acted as financial adviser to PCG in relation to the transaction. 

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