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People & Business :: M&A
Petronas to sell Vietnam PVC asset to Asahi Glass and Mitsubishi Corp.
11:41 AM MST | November 6, 2013 | Natasha Alperowicz
Petronas Chemicals Group (PCG; Kuala Lumpur) announced today that it has entered into an agreement to divest its interest in Phu My Plastics and Chemical (PMPC) to Asahi Glass and Mitsubishi Corp. PMPC, based at Vung Tau, Vietnam, is a producer of polyvinyl chloride (PVC). The move follows PCG’s announcement last year that it would quit the PVC business by closing down its plants at Kertih, Malaysia, and selling its stake in PMPC as parts of PCG’s portfolio optimization. PCG holds 93.11% interest in PMPC, which operates a 100,000-m.t./year PVC...
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