KUALA LUMPUR (March 6): South Korean conglomerate Lotte Group is reviving its plans for an initial public offering (IPO) of its Malaysian petrochemical unit for US$1.5 billion to US$2 billion (RM6.68 billion to RM8.9 billion). Lotte is looking to list its subsidiary, Lotte Chemical Titan (M) Sdn Bhd, in the second or early third quarter of this year, The Wall Street Journal said in a report last Thursday. The company produces plastics, including polyethylene — which is used in shopping bags and toys, and polypropylene — found in battery casings and car parts. Its listing would be the biggest IPO on the Malaysian stock exchange since May 2015, when power producer Malakoff was listed for almost US$800 million (RM2.74 billion). The planned listing of the group’s hotel unit was expected to raise as much as US$4.5 billion, which would have made it South Korea’s largest-ever IPO.

Source: The Edge Markets March 06, 2017 06:00 UTC