Petroliam Nasional BHD and its South African partner will seek to conduct an Initial Public Offerings (IPO) in the fuel retailer Engen.
The IPO is meant to raise funds for the upgrade of a refinery in Durban and increase the number of its gas stations.
Engen’s undecided amount of shares will possibly be sold on the Johannesburg Stock Exchange in the half of next year. JP Morgan Chase & Co has been given the mandate to assist Petroliam Nasional with the listing.
Engen was founded in 1881 and operates in seven African countries. It has an asset value of over $2.6 billion. Engen is 74% owned by Malaysia’s Petroliam Nasional and 26% by Phembani. In 2018, Engen reported a revenue of 82.5 billion rands and had an income of 1.8 billion rands.