Korean parent mulling options, Lotte Chemical Titan clarifies amid report of sale, share price spike
Lotte Chemical Titan's share price spiked following reports that its South Korean parent company may sell its stake. The company clarified that while strategic measures are being considered, no final decision has been made.
Why it matters
The potential sale of a major petrochemical subsidiary has significant implications for market stability and investor confidence in the Malaysian stock exchange.
BURSA SGX Home Hot Stock Make The Edge Malaysia your preferred source on Google KUALA LUMPUR (Aug 19): Lotte Chemical Titan Holding Bhd (KL: LCTITAN ) said no decision has been made by its South Korean parent amid news reports of a potential disposal that triggered a spike in its share price.
Lotte Chemical Corporation is "considering various strategic measures" related to the company but have yet to make any decision so far, Lotte Chemical Titan said in a three-sentence exchange filing on Wednesday in response to the news report.
Shares of Lotte Chemical Titan surged as much as 30.6% on Wednesday amid a report that the petrochemical company may be sold by its Korean parent. The stock closed at 34.5 sen, still up 11% or 3.5 sen, which valued the company at about RM785 million.
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