Lotte Chemical Titan surges 31% on parent company’s disposal plan
Investors piled into the stock on news its parent company is seeking to dispose its stake in the petrochemical firm.
South Korean petrochemical firm Lotte Chemical Corp holds a 75% stake in its Malaysian subsidiary, Lotte Chemical Titan Holding Bhd. Reports emerged that the parent company was considering selling LCTitan, leading to a surge in the subsidiary's shares. LCTitan's shares skyrocketed nearly 31% in early trading, jumping from 31 sen to 40.5 sen, before settling at 34.5 sen, marking a 11.3% increase.
The company, valued at RM798 million, is Southeast Asia's largest integrated producer of olefins and polyolefins, with 12 plants in Johor. Despite its recent surge, LCTitan has struggled, posting net losses for four consecutive years. The firm's shares have plummeted by almost 95% since its relisting in 2017.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Lotte Chemical Titan surges 31% on parent company’s disposal plan freemalaysiatoday.com
