Malaysian state oil firm Petronas said on Monday it had agreed to acquire a stake in a Vietnamese chemical firm from the country's state oil monopoly Petrovietnam.
Petrovietnam will transfer its stake of 43% in polyvinyl chloride manufacturer Phu My Plastics and Chemicals to an international investment subsidiary of the Malaysian firm, Petronas International Corp Ltd, Petronas said in a statement.
It gave no financial details of the transaction.
The two parties were in the final stages of finalising the documents prior to seeking approval from Vietnamese authorities, Petronas added.
Petronas, which now owns 50% of Phu My, said it had also begun transferring its own stake to its investment unit, which will eventually own 93% of the Vietnamese company. Phu My owns and runs a PVC plant of 100,000 tonnes annual capacity in the province of Ba Ria Vung Tau, about 85 km southeast of Ho Chi Minh City.
Source: Reuters
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