OUT OF MONEY? PETRONAS DENIES EYEING IN EQUITY STAKE IN DAEWOO E&C

A Petronas logo at their office in Kuala Lumpur, Malaysia August 15, 2017. REUTERS/Lai Seng Sin

KUALA LUMPUR – Petronas today denied a media report that it was interested in buying a controlling stake in South Korea’s Daewoo Engineering & Construction Co.

Petronas and Aramco are among potential suitors for a 50.75 per cent stake in Daewoo E&C, a deal that could fetch around 2 trillion won ($1.78 billion), South Korea’s Maeil Business Newspaper said on Friday.

“Petronas has no intention of entering into such business transaction and wishes to categorically deny the report,” a company spokesperson told Reuters in an emailed statement.

— Reuters

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