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Petronas Raises $1.4 Billion Cutting Listed Unit Stakes

General Economy In Malaysia As Mahathir Says He Underestimated Challenge of Governing The Country
Photographer: SeongJoon Cho/Bloomberg
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Petroliam Nasional Bhd. has raised about 6 billion ringgit ($1.4 billion) by cutting its stakes in three listed units, people with knowledge of the matter said.

Malaysia’s state oil company reduced its holdings in retail subsidiary Petronas Dagangan Bhd., natural gas transporter Petronas Gas Bhd. and shipping company MISC Bhd., according to the people. The share placements were executed Monday, the people said, asking not to be identified because the information is private. Petronas said in a statement it completed block trades in these companies, without saying how much it raised.