Vivo Energy Limited agreed to acquire 74% stake in Engen Limited from PETRONAS International Corporation Ltd on February 9, 2023. The Phembani Group, PETRONAS' long-standing partner in Africa and Engen's B-BBEE shareholder, is continuing its strong association with Engen and will remain invested as a 21% shareholder in the South African business. The transaction will further benefit employees of Engen through a newly implemented 5% employee share ownership programme, resulting in Engen South Africa being 26% owned by previously disadvantaged parties. The transaction is currently pending regulatory approvals and fulfilment of conditions precedent. Rand Merchant Bank (a division of FirstRand Bank Limited) and Standard Bank advised Vivo Energy. Morgan Stanley and Rothschild & Co are advisors to PETRONAS on this transaction. Hector A. Sants and Simon J. Tysoe of Latham & Watkins LLP acted as legal advisor for Vivo Energy Limited.

Vivo Energy Limited acquired 74% stake in Engen Limited from PETRONAS International Corporation Ltd on April 9, 2023, which is an estimated completion date.