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NewsEsso surges on report of San Miguel acquisition plan
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Esso surges on report of San Miguel acquisition plan
by hlk Wed 17 Aug 2011, 18:32
KUALA LUMPUR: Shares of ESSO MALAYSIA BHD [] surged in afternoon trade on Wednesday, Aug 17 on a news report that Philippines’ San Miguel would buy ExxonMobil's 65% stake in the refining company.
At 2.55pm, Esso was up 58 sen to RM4.92 with 1.46 million shares done.
The FBM KLCI rose 5.42 points to 1,503.66. Turnover was 488.47 million shares valued at RM714.32 million. There were 331 gainers, 261 losers and 284 stocks unchanged.
Reuters reported San Miguel had diversified its portfolio in recent years, spinning off its traditional brewing business and moving into areas such as domestic power, telecommunications, infrastructure, and energy.
At the same time, ExxonMobil has been actively reviewing its Asian assets and earlier this month agreed to sell its stake in three companies associated with the Indonesian gas and liquefied natural gas business.
Reuters also reported earlier this year that Thai Oil was looking at buying ExxonMobil's Esso in Thailand.
At 2.55pm, Esso was up 58 sen to RM4.92 with 1.46 million shares done.
The FBM KLCI rose 5.42 points to 1,503.66. Turnover was 488.47 million shares valued at RM714.32 million. There were 331 gainers, 261 losers and 284 stocks unchanged.
Reuters reported San Miguel had diversified its portfolio in recent years, spinning off its traditional brewing business and moving into areas such as domestic power, telecommunications, infrastructure, and energy.
At the same time, ExxonMobil has been actively reviewing its Asian assets and earlier this month agreed to sell its stake in three companies associated with the Indonesian gas and liquefied natural gas business.
Reuters also reported earlier this year that Thai Oil was looking at buying ExxonMobil's Esso in Thailand.
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