Engen to get new international owner | Business

Malaysia's national oil company Petronas has agreed to sell its 74% stake in Engen to Vivo Energy, a move that will create one of the continent's largest distributors of fuel and lubricants.

Engen is the largest petrol station group in South Africa and has around 1 300 service stations across seven African countries. The Phembani Group, the long-standing partner of Petronas in Africa and Engen’s B-BBEE shareholder, will remain invested as a 21% shareholder in the SA business. The new transaction will include a 5% employee share ownership programme.A deep dive into the big business story of the week, as well as expert analysis of markets and trends.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

How much it costs to buy a petrol station like Engen, Sasol, or Shell – or go it alone entirely | Business InsiderA new station will easily set you back several million - and increases in the petrol price will require access to a surplus of working capital. BISouthAfrica Always a laugh to pull into a petrol station with an electric car
Source: BISouthAfrica - 🏆 34. / 51 Read more »

Business Maverick: General Motors Competes for Stake in Vale’s Base Metals UnitGeneral Motors Co. is competing for a stake in Brazilian mining giant Vale SA’s base metals unit, people familiar with the matter said, underscoring automakers’ desire for easy access to the materials needed for electric vehicle batteries.
Source: dailymaverick - 🏆 3. / 84 Read more »