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SMC buys EXXON Mobil’s downstream oil business in Malaysia
San Miguel Corporation announced today that following approval by the company’s Board of Directors, management has signed sale and purchase agreements to acquire three subsidiaries comprising Exxon Mobil’s downstream oil business in Malaysia. The companies are: Esso Malaysia Bhd (EMB), a publicly traded company of which Exxon Mobil owns a 65% stake; and wholly-owned ExxonMobil Malaysia Sdn Bhd (EMMSB), and Exxon Mobil Borneo Sdn Bhd (EMBSB). The three subsidiaries form an integrated business engaged in the refining, distribution and marketing of petroleum products. Physical assets include the Port Dickson refinery with a rated capacity of 88,000 barrels per day; seven fuel distribution terminals; and a network of roughly 560 branded service stations, 420 of which are company-owned. The transaction is valued at US$610 million.