PetChem shares down ahead of Lotte’s listing

Sazali: ‘We have not set any timeline for the evaluation process. The investors must be able to bring a good value proposition, be it technology or commercial advantages.’

 PETALING JAYA: Shares in Petronas Chemicals Group Bhd (PetChem) tumbled to their lowest level this year ahead of less pricier rival Lotte Chemical Titan Holding Bhd’s listing today.

At its closing price of RM6.89 yesterday, PetChem is worth about 15 times its earnings. Lotte Chemical, which had repriced its initial public offering (IPO) to RM6.50, meanwhile, is valued at 8.5 times its profits.