Dutch oil and gas major Shell, through its Malaysian unit Shell Gas Holdings, has completed the sale of its 15 percent shareholding in Malaysia Liquefied natural gas (MLNG) Tiga to Malaysian state financial authority Sarawak State Financial Secretary (SFS) for $750 million.

The transaction has been dated to September 1, 2017, with the net final consideration paid to Shell after adjustments for dividends the company received up to completion is approximately $640 million.

Shell said that the deal is consistent with its strategy to simplify its portfolio.

SFS is an existing MLNG Tiga shareholder and with the completion of this transaction, increased its shareholding in MLNG Tiga to 25 percent.