Saudi entry spurs sector, but fails to excite stock market

In a filing with Bursa Malaysia yesterday, the group said the utilisation rate of its plants increased to 88% compared with 66% in the corresponding quarter of 2013 with improvement in methane gas supply and utilities supply as well as better plant reliability. Revenue for the fourth quarter climbed 16% to RM3.9bil from RM3.35bil previously. (file pic)

PETALING JAYA: Petronas Chemicals Group Bhd’s (PetChem) partnership with Saudi Aramco bodes well for the Malaysian petrochemical firm. Yet, investors yawned at the news that PetChem had entered into a deal to sell a 50% stake in PRPC Polymers Sdn Bhd to the Saudi Arabian state oil company.

PetChem shares fell one sen to close at RM7.29 yesterday.