Malaysia: Lotte
Chemical Titan Holding Bhd (LCT), which returned to the Main Market of Bursa
Malaysia today, is betting on South East Asia (SEA) as a "strong demand
growth area" for its products for the next 3 years.
Speaking to the
press after its listing ceremony here today, its vice president (corporate
planning) Philip Kong said the SEA market can absorb supply coming in from its
expansion plans in Malaysia and Indonesia, moving forward.
"There is a
strong growth demand here in Malaysia and Indonesia. We believe the market can
absorb [the supply] of polyofelin products, and independent market researchers
share a similar view," said Kong.
He was responding to
pundits' views that the market for polyofelin — one of LCT's core products — is
in oversupply, subduing investor interest to its IPO, one of the biggest in
Bursa Malaysia since 2012, with short of RM4 billion raised.
With the proceeds
being lower than the initially-planned RM5.9 billion, LCT has cut down
allocation to fund its RM15 billion Indonesian integrated petrochemical
facility from RM4.9 billion to RM2.8 billion.
Kong is however
confident that the group has enough internal funding to make up for the lesser
amount.
"As at first
quarter, we had cash of RM425 million," he said, emphasizing on the
group's cash flow.
LCT's counter opened
flat at RM6.50 with 3.6 million shares traded, before hitting a high of RM6.53
and a low of RM6.47 in the first 5 minutes of trading. As at 10.11am, its
shares were down 7 sen at RM6.43, with 23.64 million shares traded.
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