Jun 13 2012
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Oman NGC's Malaysia Unit To Sell 40% Of Shrs To Perangsang Oil & Gas
Wednesday, Jun 13, 2012
(This story was originally published Tuesday)
BEIRUT (Zawya Dow Jones)--Oman's National Gas Co., or NGC, said Tuesday that its indirectly-owned Malaysian unit NGC Energy has signed an agreement to sell 40% of its shares to Perangsang Oil and Gas Sdn. Bhd., or POGSB.
NGC, a bottler and distributor of liquefied petroleum gas, or LPG, said that the stake sale is in compliance with a Malaysian law that requires the involvement of a local partner [in subsidiaries owned by foreign companies].
In other news, NGC said in the statement: "The acquisition of the LPG assets and business from Shell Malaysia Trading Sendirian Berhad is expected to be completed as soon as the required licenses to operate the business are obtained by NGC Energy from the relevant authorities in Malaysia."
NGC indirectly controls NGC Energy through its fully-owned units Malaysia's NGC Consolidated Holdings Sd. Bhd. and Mauritius-based Innovative Energy Holdings Mauritius.
-By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, email@example.com
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