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PCG completes divestment exercise of Vietnam subsidiary
13
Jun '14
PETRONAS Chemicals Group Berhad (PCG) announced that it has completed the agreement to divest its entire 93.11% interest in Phu My Plastics and Chemicals Company Ltd (PMPC), Vietnam, to Asahi Glass Co Ltd and Mitsubishi Corporation.
 
The sale was completed some two months ahead of the stipulated timeline, following the parties successfully meeting the conditions of the share purchase agreement signed on 6 November 2013.
 
According to PCG President/Chief Executive Officer Sazali Hamzah, “Throughout the transition period, all parties concerned have been collaborating well in the spirit of partnership, which resulted in the early completion of this exercise. “This has mutually benefitted all parties and I wish PMPC continued success going forward,” he added.
 
The performance of PCG’s vinyl business had not been satisfactory compared to the Group’s other businesses, as it was not as closely integrated within the Group’s product value chain. PCG announced its exit from the vinyl business in October 2012 as part of its portfolio optimisation strategy. The discontinuation of the vinyl business provides the Group with the opportunity and flexibility to focus on the production of higher margin products within the Group’s portfolio.
 
Subsequently, PCG ceased operations and decommissioned its vinyl chloride monomer (VCM) and PVC plants in Malaysia last year. This led to the divestment of PMPC, which has a production capacity of 100,000 metric tonnes per annum of polyvinyl chloride (PVC).
 
With this sale completion, PMPC ceases to be a subsidiary of PCG. PMPC employees will continue to be employed under the new owners.
 
About PETRONAS Chemicals Group Berhad
PETRONAS Chemicals Group Berhad (PCG) is the leading integrated chemicals producer in Malaysia and one of the largest in South East Asia. It operates a number of world class production sites, which are fully integrated from feedstock to downstream end-products. With a total combined production capacity of over 10 million metric tons per annum (mtpa), it is involved primarily in manufacturing, marketing and selling a diversified range of chemical products, including olefins, polymers, fertilisers, methanol and other basic chemicals and derivative products.
 

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