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Engen to get new international owner | Business

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Malaysia's national oil company Petronas has agreed to sell its 74% stake in Engen to Vivo Energy, which is owned by the Swiss-headquartered commodities trader Vitol. | News24_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.

 

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