Lotte Chemical Titan neither confirms nor denies parent's potential stake sale
KUALA LUMPUR: Lotte Chemical Titan Holding Bhd has neither confirmed nor denied reports that its South Korean parent is looking to sell its stake in the company, after news of the potential sale sent its shares up more than 30 per cent.
KUALA LUMPUR: Lotte Chemical Titan Holding Bhd has neither confirmed nor denied reports of its South Korean parent considering selling its stake in the company, following news that sent its shares up more than 30 percent. Lotte Chemical Corp (LCC), which owns 75 percent of Lotte Chemical Titan, is exploring various strategic measures concerning the company, but has not made a decision yet.
The company clarified that after conducting due enquiries, it understands LCC is considering strategic measures related to the company without making any decision at this stage. The potential sale of Lotte Chemical Titan comes after local news outlets reported that LCC was revisiting plans to dispose of its interest in the company, along with a partial divestment of an Indonesian unit.
Shares of the petrochemical producer surged as much as 30.65 percent in early trade following the reports of the potential sale. The stock opened at 32 sen, its highest level in over two months, before climbing to an intraday high of 40.5 sen. As of the latest trading, the stock is trading at a two-month peak of 37 sen, up 17.74 percent with 30.81 million shares changing hands.
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