KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) has completed the transaction of its 74 per cent stake in Engen Limited to Vivo Energy following the approval obtained from the Competition Tribunal of South Africa.
Vivo Energy is the new major shareholder of Engen.
"Being part of a multinational parent company, Vitol, and with a strong foothold in Africa's energy sector, Vivo Energy is able to steer Engen through its next phase of growth.
"The Phembani Group, Petronas' long-standing partner in Africa and Engen's Broad-Based Black Economic Empowerment shareholder, will remain a shareholder in Engen alongside Vivo Energy," the national oil company said in a statement.
Petronas first acquired shares in Engen in 1996 and became its majority shareholder in 1998.
Engen's primary business is in the marketing of petroleum, lubricants and functional fluids, chemicals and retail convenience services.
Engen has a large retail footprint of around 1,300 service stations across seven countries in subSaharan Africa and the Indian Ocean Islands.