Petronas Dagangan eyes acquisition targets

Petronas Dagangan Bhd , the retail arm of Malaysia's state oil firm
Petronas , aims to expand into Indonesia and Myanmar as it widens its
presence in Southeast Asia, its managing director told Reuters in an
interview.

The largest liquefied petroleum gas (LPG) provider
in Malaysia announced this month it will buy six downstream companies
belonging to Petronas in the Philippines, Vietnam, Thailand and
Malaysia in a deal worth RM197.3 million (US$62 million).

"We
need to build new engines for growth," Amir Hamzah Azizan told Reuters
in an interview at his 76th-floor office in Kuala Lumpur's Petronas
Twin Towers, adding that the Malaysian market could become saturated
over the next four years.

The company is interested in
potential acquisition targets in Myanmar and Indonesia because of their
large populations and strong economic growth potential, Amir said,
without giving a timeframe for the expansion.

He said the
company aimed to increase its overseas revenue contribution to 8
percent from 2 percent over the next four years. It had RM766.4 million
in cash as of March 31, 63 percent higher than a year earlier.

It generated revenue of RM6.85 billion in the first quarter, 7.4
percent higher year-on-year on the back of higher selling price and
volume. -- Reuters