Lotte Chemical to expand investment in Malaysia
SEOUL, July 11 (Yonhap) -- Lotte Chemical Co., South Korea's No. 2 petrochemical firm, said Tuesday that it will use the proceeds from the initial public offering of its Malaysian unit to finance its facility expansion in the Southeast Asian country.
Its Malaysian unit, Lotte Chemical Titan Holdings Berhads, made its market debut there after raising some 1.01 trillion won (US$878 million).
The IPO marks the biggest in the Southeast Asian country since 2012.
Its market capitalization is roughly at 4 trillion won, becoming the 30th largest cap on the Malaysian stock market.
In 2010, Lotte Chemical, formerly known as Honam Petrochemical, bought a 100 percent stake in Titan Chemicals Corp. Bhd., a Malaysian petrochemical company, for 1.5 trillion won.
Lotte Chemical Titan is Malaysia's largest producer of olefin and polyolefin products.
Lotte Chemical Titan logged an operating income of 506 billion won on sales of 2.29 trillion won last year.
sam@yna.co.kr
(END)
-
1 BTS most tweeted about musician in U.S. in 2020
-
2 Harvard professor Ramseyer to revise paper on 1923 massacre of Koreans in Japan: Cambridge handbook editor
-
3 Controversial photographer Robert Mapplethorpe's works tell viewers to embrace 'more life' in pandemic
-
4 BTS performs 'BE,' surprise Coldplay cover on 'MTV Unplugged'
-
5 (News Focus) K-pop agencies scale up to build bigger IP, platform empires
-
1 200 old Japanese maps define Dokdo as Korean territory
-
2 Controversial photographer Robert Mapplethorpe's works tell viewers to embrace 'more life' in pandemic
-
3 BTS most tweeted about musician in U.S. in 2020
-
4 (News Focus) K-pop agencies scale up to build bigger IP, platform empires
-
5 SHINee says vigor, passion drove new album following military enlistment hiatus
-
1 (2nd LD) N.K. man caught on CCTV cameras 10 times, but military failed to notice 8 of them: JCS
-
2 K-pop idol stars beleaguered by school bullying accusations
-
3 (News Focus) Past school bullying claims spread like wildfire to S. Korean entertainment scene
-
4 Agency refuses to confirm report Jennie, G-Dragon are dating
-
5 (2nd LD) K League star Ki Sung-yueng denies sexual assault allegations