Boustead Holdings Bhd, a Malaysian plantations, engineering and financial services group, is still interested in buying Exxon Mobil Corp’s oil and gas assets in the Southeast Asian nation if San Miguel Corp’s planned acquisition falls through, group managing director Lodin Wok Kamaruddin said.
Exxon agreed in August to sell its entire 65 per cent stake in Esso Malaysia Bhd and some other assets in the country to the Philippine beer-maker for US$610 million. While this won Malaysian government approval last month, the transaction has yet to be concluded.
“We first had a discussion with Esso in August last year,” Lodin told reporters in Kuala Lumpur today. “If there is a review with whomever they have made an agreement with, we are open and prepared to talk to anyone.”
San Miguel agreed to acquire Exxon’s entire 65 per cent stake in Kuala Lumpur-listed Esso Malaysia for about US$206 million, or RM3.50 per share, giving it control over a chain of gasoline stations and one refinery with a capacity of 88,000 barrels a day. The Philippines’ largest food and drinks company also agreed to purchase all of unlisted ExxonMobil Malaysia Sdn and Exxon Mobil Borneo Sdn for a combined US$403 million.
The takeovers would provide the Manila-based company with downstream interests including seven fuel distribution terminals and a network of 560 service stations.
This would be San Miguel’s first overseas expansion in the oil and gas sector. It already owns Petron Corp, the largest of the Philippines’ two oil refiners. Boustead has no significant track record in the industry outside of heavy engineering.
San Miguel President Ramon Ang wasn’t immediately available for comment when text-messaged in Manila today.
Separately, Lembaga Tabung Angkatan Tentera, a Malaysian armed forces fund, may dilute its stake in Boustead to about 50 per cent in the name of good corporate governance, Lodin said. The fund currently holds 61.2 per cent, according to data compiled by Bloomberg. -- Bloomberg
Exxon agreed in August to sell its entire 65 per cent stake in Esso Malaysia Bhd and some other assets in the country to the Philippine beer-maker for US$610 million. While this won Malaysian government approval last month, the transaction has yet to be concluded.
“We first had a discussion with Esso in August last year,” Lodin told reporters in Kuala Lumpur today. “If there is a review with whomever they have made an agreement with, we are open and prepared to talk to anyone.”
San Miguel agreed to acquire Exxon’s entire 65 per cent stake in Kuala Lumpur-listed Esso Malaysia for about US$206 million, or RM3.50 per share, giving it control over a chain of gasoline stations and one refinery with a capacity of 88,000 barrels a day. The Philippines’ largest food and drinks company also agreed to purchase all of unlisted ExxonMobil Malaysia Sdn and Exxon Mobil Borneo Sdn for a combined US$403 million.
The takeovers would provide the Manila-based company with downstream interests including seven fuel distribution terminals and a network of 560 service stations.
This would be San Miguel’s first overseas expansion in the oil and gas sector. It already owns Petron Corp, the largest of the Philippines’ two oil refiners. Boustead has no significant track record in the industry outside of heavy engineering.
San Miguel President Ramon Ang wasn’t immediately available for comment when text-messaged in Manila today.
Separately, Lembaga Tabung Angkatan Tentera, a Malaysian armed forces fund, may dilute its stake in Boustead to about 50 per cent in the name of good corporate governance, Lodin said. The fund currently holds 61.2 per cent, according to data compiled by Bloomberg. -- Bloomberg
