Petronas Dagangan's sale of Vietnam indirect unit hits snag

PETALING JAYA: Petronas Dagangan Bhd’s wholly-owned subsidiary PDB (Netherlands) BV said yesterday Totalgaz Vietnam LLC has terminated the sale and purchase agreement (SPA) to acquire Petronas Dagangan’s entire 100% equity interest in Thang Long LPG Co Ltd.

“The termination of the SPA is not expected to have any material effect on the Petronas Dagangan group’s financial position,” Petronas Dagangan said in a stock exchange filing.

On Dec 11, 2015, Petronas Dagangan through PDB (Netherlands) entered into two SPAs with Totalgaz Vietnam to divest its 100% equity interests in indirect units Petronas (Vietnam) Co Ltd and Thang Long LPG, in a move to rationalise Petronas Dagangan’s portfolio.

Petronas Dagangan completed the agreement to divest its entire stake in Petronas (Vietnam) to Totalgaz Vietnam on May 24, 2016.

Petronas (Vietnam) and Thang Long LPG are involved in the bottling and distribution of liquefied petroleum gas.