Petronas reduced shares of three listed companies to raise US $1.4 billion

Petronas has raised about 6 billion ringgit (US $1.4 billion) by reducing its stake in three listed companies, people familiar with the matter said. According to people familiar with the matter, Petronas reduced its shares in its retail subsidiary Petronas dagangan Bhd, natural gas transportation company Petronas gas Bhd and shipping company miscbhd. According to people magazine. The rights issue was carried out on Monday, according to people close to the situation who asked for an anonymous interview because of the confidentiality of the information. Petronas said in a statement that it had completed a large number of transactions with these listed subsidiaries, but did not disclose how much money it had raised. According to the data compiled by the blog, these sales will become one of the largest large-scale transactions in Malaysia's history. Petronas has completed a US $27 billion refining and petrochemical project at home and is currently raising funds to fund overseas expansion. Petronas said in a statement that the target customers of the bulk transaction are Malaysia's institutional funds in order to allow more local investors to participate in and own these listed companies. Petronas said it would retain its controlling interest in the two companies, which will remain subsidiaries. In an interview in April, the chief executive of Petronas said that Petronas plans to spend more of its future capital expenditures on projects in the Americas.