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Petronas completes sale of Vietnam PVC unit to Asahi Glass, Mitsubishi Corp.

8:48 AM MDT | June 13, 2014 | Francinia Protti-Alvarez

Petronas Chemicals Group (PCG; Kuala Lumpur) has completed divesting its entire 93.11% interest in Phu My Plastics and Chemical (PMPC; Vung Tau, Vietnam) to Asahi Glass and Mitsubishi Corp., PCG has announced. The sale was announced in November 2013, as reported by CW. Financial details of the sale have not been disclosed. PMPC has capacity for 100,000 m.t./year of polyvinyl chloride. The divestment forms part of PCG’s plan to exit the vinyls business, in line with its portfolio strategy announced in 2012, PCG says. Deutsche Bank acted as financial adviser...

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