According to a report by Reuters, Petronas Chemicals Group Bhd intended to exit from its stake in two chemical companies. In its statement filed with the Kuala Lumpur Stock Exchange (KLSE) on Wednesday, Petronas' petrochemicals arm would be divesting 93.1% of its holding in Phu My Plastics and Chemical Company Ltd (PMPC).

Petronas Chemicals' stake would be sold to Asahi Glass Co Ltd and Mitsubishi Corporation for an undisclosed sum. Deutsche Bank was tapped by Petronas Chemicals as its adviser on financial matters in relation to the transaction. Although there were no other pertinent details about the transaction were revealed, Petronas Chemicals said the stake sale would be finalized by the second quarter of next year.

Market sentiment was positive for Petronas Chemicals, as its shares jumped and closed at a 0.6% premium on Wednesday. Shares of the petrochemicals arm of Malaysia's state oil firm had outfperform the broader market of Kuala Lumpur that day, said Reuters. The KLSE index dipped 0.2% on the same day.