Lotte Chemical Titan says S.Korean parent reviews strategic measures; shares jump
Lotte Chemical Titan says S.Korean parent reviews strategic measures; shares jump Aug 19 (Reuters) - Malaysia-listed Lotte Chemical Titan LOTT.KL said on Wednesday that its South Korean parent Lotte Chemical Corp 011170.KS was considering various strategic measures for the firm, following a report of a proposed sale.
Here are the details:
Shares of Lotte Chemical Titan jumped as much as 30.7% to their highest level since early May, while the broader Malaysian benchmark .KLSE was down 0.2%.
The comment came after a Korea Economic Daily report that Seoul-listed Lotte Chemical Corp would consider selling its Malaysian unit as well as a stake in its Indonesian arm, citing unidentified local government officials.
Lotte Chemical is among several South Korean petrochemical firms undertaking restructuring measures as the sector grapples with oversupply.
Lotte Chemical Titan reported a second-quarter loss attributable of 174.2 million ringgit ($42.89 million), slightly wider than the loss reported a year earlier.
Lotte Chemical Corp has a near 75% stake in the Malaysian unit, according to LSEG-compiled data.
($1 = 4.0615 ringgit)
(Reporting by Nichiket Sunil in Bengaluru; Editing by Subhranshu Sahu)
((Nichiket.Sunil@thomsonreuters.com;))
Recent news on LOTTE CHEMICAL
See all newsUAE and Kuwait boost naphtha exports to Asia, sidestepping Hormuz, sources say
UAE and Kuwait boost naphtha exports to Asia, sidestepping Hormuz, sources say
Brief: Lotte Chemical To Acquire 600 Billion Won Worth Of Shares In H&L Advanced
Lotte Chemical Titan says S.Korean parent reviews strategic measures; shares jump
South Korea to cut ethylene output in restructuring of largest petrochemical complex