Home / Knowledge / News / Textiles / PCG completes divestment exercise of Vietnam subsidiary
PCG completes divestment exercise of Vietnam subsidiary
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.


Must ReadView All

Textiles | On 25th Oct 2016

Arvind to dilute 10% stake in brand business arm

Arvind Limited, one of India’s largest integrated textile and apparel ...

Courtesy: Commonwealth Bank of Australia

Textiles | On 25th Oct 2016

World’s first cotton shipment using Skuchain’s Brackets

The world’s first trade transaction involving shipment of cotton...

Textiles | On 25th Oct 2016

Cotton yield to increase to 568.29 kg/ha in 2016-17: CAB

At its first meeting for the cotton season 2016-17, the Cotton...

Interviews View All

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

October 2016

October 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


Advanced Search