Petronas, Phembani to list Engen on JSE in order to fund refinery upgrade

Johannesburg Stock Exchange

PHEMBANI Group, which is a shareholder in Engen, is to sell shares in the fuel retailer in order to upgrade a Durban refinery, said Bloomberg News citing people who were familiar with the planned initial public offering (IPO).

The IPO would also help fund the expansion of Engen’s network of gas stations, said the newswire citing people familiar with the transaction. The main shareholder in Engen is Petroliam Nasional BHd, otherwise known as Malaysian firm, Petronas.

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