Petronas Completed Acquisition Of Petronas Energy Philippines Inc

Petronas Dagangan Bhd (PDB) has completed the acquisition of Petronas Energy Philippines Inc (PEPI) and Duta Inc (Duta) in accordance with the terms of the share sale and purchase agreements dated June 1, 2012.

In a statement today, PDB said following the completion of the acquisition, PEPI and Duta will be held by it via its newly-incorporated, wholly-owned investment holding company, PDB (Netherlands) B.V.

Its managing director/chief executive officer, Aminul Rashid Mohd Zamzam, said the strategic regional expansion plan was part of PDB's effort to expand its market reach and geographically diversify revenue and earnings base.

"PDB is confident of growing its presence in the region by leveraging on Petronas' strong brand in these countries and utilising its shared supply.

"Moreover, we will also be able to tap into PDB's 30 years of experience, scale and technical capabilities to drive our growth," he said.