Shell Refining Co. Now Hengyuan Refining Company Berhad
Shell Refining Co. Now Hengyuan Refining Company Berhad
Kuala Lumpur, 28 February 2017 - Shareholders today voted to approve the Special Resolution on the proposed change of name from Shell Refining Company (Federation of Malaya) Berhad ("SRC") to Hengyuan Refining Company Berhad ("HRC"). The approval came following a poll vote during the company's Extraordinary General Meeting this morning.
The change of name was the result of the completion of the acquisition exercise by Malaysia Hengyuan International Limited (MHIL) of a 51.0% equity stake in SRC from Shell Overseas Holdings Limited for USD66.3 million. MHIL is wholly-owned by Heng Yuan Holdings Limited, which in turn, is a wholly-owned subsidiary of Shandong Hengyuan Petrochemical Company Limited ("SHPC").
Wang Youde, Chairman of Hengyuan Refining Company Berhad, said, "We are pleased to see such a positive and welcoming response from our shareholders and stakeholders following the completion of the acquisition. The continued support from all quarters is essential to driving HRC to even greater heights of success," he added.
Maarten Stals, Managing Director and Executive Director of Hengyuan Refining Company Berhad, said, "The approval from our shareholders for the change of name is an important milestone for our company as our new name will now reflect our new corporate identity as well as our relationship with the Hengyuan Group."
"We are very excited to be starting a new chapter in our company that was established since 1960. As we move forward, we are confident that we can strengthen our position as a leading regional refinery products supplier by leveraging on SHPC's well-established technical know-how and operational expertise," Stals concluded.
Hengyuan Refining Company Berhad manages and operates a refinery in Port Dickson, Negeri Sembilan with a licensed production capacity of 156,000 barrels per day. The refinery is involved in the refining and manufacturing of petroleum products, and provides employment for more than 500 individuals comprising of staff and contractors.
ENDS
About Hengyuan Refining Company Berhad
Hengyuan Refining Company Berhad ("HRC"), formerly known as Shell Refining Company (Federation of Malaya) Berhad ("SRC"), was incorporated in Malaysia on 19 September 1960. The company was listed on the Main Board of the then Kuala Lumpur Stock Exchange (now known as the Main Market of Bursa Securities) on 29 October 1962.
On 22 December 2016, Malaysia Hengyuan International Limited (MHIL) acquired 51.0% equity stake in SRC from Shell Overseas Holdings Limited for USD66.3 million. MHIL is wholly-owned by Heng Yuan Holdings Limited, which in turn, is a wholly-owned subsidiary of Shandong Hengyuan Petrochemical Company Limited.
Hengyuan Refining Company Berhad manages and operates a refinery in Port Dickson, Negeri Sembilan with licensed production capacity of 156,000-bpd. The refinery is involved in the refining and manufacturing of petroleum products, and provides employment for more than 500 individuals comprising of staff and contractors.
About Shandong Hengyuan Petrochemical Company Limited
Established in 1970, Shandong Hengyuan Petrochemical Company Limited (SHPC) is a state-owned enterprise based in Linyi County, Shandong Province, China. SHPC develops, produces, processes, and markets diesel oil, liquefied gas, propylene, propane, polypropylene, tert-butyl alcohol, oil slurry, asphalt, tert-pentene, ethybenzene, and other petroleum related products.
SHPC has total assets of 4 billion Yuan (approx. USD582.53 million) and employs 1,700 employees. SPHC is one of the Top 100 Leading Enterprises in Shandong and one of the Top 500 Chinese Chemical Enterprises. The Group has garnered multiple accolades over the years and its Chairman and General Manager, Wang Youde, has also received recognition including ‘One of Ten Outstanding Entrepreneurs in Shandong Province' and ‘Outstanding People Award of National Advancements in Productivity', amongst others.