PETRONAS Gas Bhd (PGB) has secured a tax exemption from Malaysia’s Ministry of Finance (MoF) in connection with its upcoming internal restructuring plan, which will see the company reorganise its core businesses into newly formed subsidiaries.
In a filing with Bursa Malaysia, the company confirmed it had received a letter from the MoF dated 24 September and received on 30 September 2025, approving the tax relief following board approval of the restructuring on 23 July 2025.
The internal restructuring will be executed through a scheme of arrangement under the Companies Act 2016, involving the transfer of PGB’s main operations — gas transportation, gas processing and utilities — into wholly owned subsidiaries.
Under the plan, the gas transportation business will be transferred to PG TransCo Sdn Bhd (TransCo); gas processing to PG Gas Processing Sdn Bhd (GasPro); and utilities to PG Utilities East Sdn Bhd (UT-East), a subsidiary of PG Energia Sdn Bhd (Energia), which is fully owned by PGB.
“The exercise aims to streamline operations by separating regulated and non-regulated businesses, enhance transparency, strengthen operational focus, and provide greater flexibility in capital management,” said the company.
PGB added that the restructuring will not affect its issued share capital, major shareholder interests, nor have a material impact on earnings or net assets for the financial years ending 2025 and 2026.
The group expects to submit the necessary applications within the next three months, with the entire process slated for completion by the third quarter of 2026. - October 1, 2025
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