KUALA LUMPUR, July 4 (Xinhua) -- Lotte Chemical Titan Holding, a Malaysian
unit of South Korean conglomerate Lotte Group, on Tuesday set a lower share
price for the upcoming initial public offering (IPO) in Malaysia Jodie
Meeks Magic Jersey , fixing the price at 6.50 ringgit (1.51 U.S.
The new offer price was much lower than its earlier price range of between
7.60 ringgit and 8 ringgit per share.
With Lotte already paring down its IPO size by 21.7 percent on Monday from
740.48 million shares to 580 million shares, it is expected that smaller gross
proceeds will be raised, down from 5.92 billion ringgit to 3.77 billion ringgit.
The IPO of Lotte Chemical Titan, Malaysia's largest producer of olefins and
polyolefins products Jeff
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Malaysia since August 2012 and the largest in Southeast Asia since May 2013.
In a statement sent to the Malaysian stock exchange, the company emphasized
that "the change in proceeds is not expected to materially affect the company's
ability to fund the development and construction of the integrated petrochemical
Lim Sin Kiat, an analyst with Hong Leong Investment Bank Research, said in a
report dated June 28 that the IPO should be fairly priced at 7.39
Williams Magic Jersey , due to its smaller size compared to its
peer Petronas Chemical, an integrated chemical producer under Malaysian
state-owned oil and gas firm Petroliam Nasional (Petronas).
"We (also) believe petrochemical product margins for Lotte Chemical Titan
appear to have peaked and the risk of margins reverting to lower levels is high
at this level given the expectation of capacity expansion in regional and global
market," he added.
The IPO, slated for the date of July 11 Grant
Hill Magic Jersey , was the second time for Lotte to go public in
Malaysia, after it was taken private in 2011. (1 Malaysian ringgit = 0.2326 U.S.
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TOKYO, July 3 (Xinhua) -- Tokyo stocks opened higher Monday as Wall Street's
rise at the end of last week set an upbeat tone, supported by a weaker yen
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