Petronas has completed the transaction of its 74% stake in Engen Limited to Vivo Energy following the approval obtained from the Competition Tribunal of South Africa, which will see Vivo Energy as the new major shareholder of Engen.

Being part of a multinational parent company, Vitol, and with a strong foothold in Africa’s energy sector, Vivo Energy can steer Engen through its next phase of growth, Petronas stated in a press release on Monday.

The Phembani Group, Petronas’ long-standing partner in Africa and Engen’s Broad-Based Black Economic Empowerment shareholder, will remain a shareholder in Engen alongside Vivo Energy.

Petronas first acquired shares in Engen in 1996 and became its majority shareholder in 1998.

Engen is an African-based energy group focused on marketing of petroleum, lubricants and functional fluids, chemicals, and retail convenience services. It has a large retail footprint of around 1,300 service stations across seven countries in sub-Saharan Africa and the Indian Ocean Islands.