PETRONAS Chemicals sells Vietnam's Phu My Plastics to Japan firms

06 November 2013 10:38  [Source: ICIS news]

SINGAPORE (ICIS)--Malaysia’s PETRONAS Chemicals Group (PCG) said on Wednesday it has signed a deal to sell its 93.11% stake in Vietnam-based Phu My Plastics and Chemical Co (PMPC) to Japanese firms Asahi Glass Co and Mitsubishi Corp for an undisclosed amount.

PMPC has a 100,000 tonne/year of polyvinyl chloride (PVC) production capacity in Vietnam, PCG said in a statement.

Completion of the divestment is expected by the second quarter of next year, it said.

“The divestment is part of PCG’s plan to discontinue its vinyl business as announced last year, in line with its portfolio optimisation strategy,” PCG said.

By: Nurluqman Suratman

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