Petronas considering sale of minority stake in Gentari

Malaysian petroleum giant Petronas is considering the sale of a minority stake in clean energy solutions provider Gentari, acccording to a Bloomberg report.

Citing parties with knowledge of the matter, the report said that Petronas is working with an adviser, and its stake in Gentari could be worth between US$300 million to US$500 million (RM1.3 billion to RM2.2 billion).

The considerations are still preliminary, and the size of the stake sale as well as the valuation of Gentari is still being discussed, according to the report’s sources. However, Petronas may also decide not to sell its stake in Gentari, according to the sources.

Gentari was officially launched in September 2022 following the announcement of its formation in June that year, with the aims of becoming a one-stop provider of clean energy solutions, beginning with a suite of renewable energy, hydrogen and green mobility solutions for commercial, industrial, and retail customers.

From the outset, Gentari stated its aim to have a renewable energy capacity of between 30 to 40 gigawatts in key markets by 2030 specifically through solar projects, with added opportunities in wind and battery storage.

As of September 2023, Gentari has more than 170 EV chargers across 46 locations nationwide, and in February this year it launched the Gentari Go mobile app to integrate its clean energy ecosystem products under one umbrella.

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