San Miguel Corp plans to buy a 65% stake in Esso Malaysia Bhd

Indonesia stock info - San Miguel Corp plans to buy a 65% stake in Esso Malaysia Bhd ; Philippine-based conglomerate San Miguel Corp plans to buy a 65% stake in Esso Malaysia Bhd from ExxonMobil International Holdings Inc and fully acquire two other local ExxonMobil subsidiaries for a total price of US$610mil (RM1.82bil), Esso Malaysia said in a notice to Bursa Malaysia.

San Miguel entered into a sale and purchase agreement (SPA) with ExxonMobil International yesterday to acquire 175.5 million Esso shares, representing a 65% stake for US$206.02mil (RM614.25mil) cash, or RM3.50 per share.

Concurrently, San Miguel also entered into two other SPAs with Mobil International Petroleum Corp to fully acquire ExxonMobil Malaysia Sdn Bhd and ExxonMobil Interna-tional to fully purchase ExxonMobil Borneo Sdn Bhd for US403.98mil (RM1.20bil).

The proposed acquisitions were expected to provide San Miguel with a unique opportunity to extend its portfolio of oil refining and marketing businesses outside the Philippines, San Miguel's adviser Maybank Investment Bank Bhd said in press notice issued to Esso Malaysia. Esso Malaysia made public the notice in a Bursa Malaysia filing yesterday.

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