KUALA LUMPUR: Petron Malaysia Sdn Bhd, formerly known as Esso Malaysia Bhd (EMB), expects to further rebrand 120 stations in Malaysia by year-end in line with its focus to aggressively build revenue and create efficiencies at all levels.
Last April, Philippine-based Petron Corporation, a unit of conglomerate San Miguel Corp acquired the Malaysian businesses of oil refiner Exxon Mobil, namely 65 per cent of EMB and the wholly-owned Exxon Mobil subsidiaries, Exxon Mobil Malaysia Sdn Bhd and Exxon Mobil Borneo Sdn Bhd.
Petron Corp’s wholly-owned unit Petron Oil and Gas International has assumed control of the three companies.
In a statement after its extra general meeting today, Petron Malaysia said all its activities were well on track after the successful transition.
On May 14, the mandatory general offer in relation to Petron Malaysia subsidiary, EMB was completed which resulted in the company owning 73.4% paid-up capital and voting shares of EMB.
Subsequently on June 15, the first phase of Petron rebranded stations was completed.
The company also said the study for the upgrade of the Port Dickson refinery was progressing well with its completion due by this year.
“The focus is also to push the rebranding of our service stations. We look forward to creating growth for the business and with dedicated efforts of our employees, network dealers and business partners, the company is confident of success,” Petron Malaysia said.