04:34 PM EDT, 06/05/2024 (MT Newswires) -- Parkland Corp ( PKIUF ) , said Wednesday it agreed to sell its Canadian commercial propane business to Avenir Energy for $115 million.

The oil refinery and gas-stop operator said sale is part of a push to simplify its business and shore up its balance sheet.

"This transaction is a big step toward achieving our target of $500 million from the divestment of non-core assets by the end of 2025. By focusing on our core assets, we are simplifying our business to improve returns. Driven by our customer focus, we continue to see tremendous opportunity to deliver growth and value from our Canadian business,." Ian White, president of Parkland Canada, said in a release

The company's shares closed unchanged at $39.11 on the Toronto Stock Exchange.