JG Summit Takes Control of Petchem Unit

JG Summit Holdings (Pasig, Philippines) says it has increased its stake in JG Summit Petrochemical Corp. (JGSPC; Mandaluyong, Philippines) to 100% by acquiring the 17.7% stake of Marubeni. Financial terms and other details of the transaction were not disclosed. JG Summit decided to consolidate its ownership in JGSPC to establish full authority over future strategies for the petrochemical business, reports say. JGSPC’s revenues have fallen recently, reports add. JGSPC produces multiple grades of polyethylene (PE) and polypropylene (PP). The company says it...

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