Lotte Chemical climbs after stop-work order lifted

Lotte Chemical, a producer of olefin and polyolefin and a unit of South Korean multinational ethylene producer Lotte Chemical Corp, is the biggest public offering in the country since 2012.

KUALA LUMPUR: Lotte Chemical Titan Holding Bhd's share price rose to a high of RM5.23 in afternoon trade on Friday after the Department of Environment lifted the stop-work order on its catalytic cracking reactor in Pengerang, Johor.

At 3.37pm, it was up 13 sen to RM5.23. There were 1.59 milion shares done.

The FBM KLCI rose 0.74 point or 0.04% to 1,759.83. Turnover was 1.78 billion shares valued at RM1.18bil. There were 382 gainers, 314 losers and 494 counters unchanged.

It annnounced to Bursa Malaysia on Friday the order was lifted the previous day after the company had “satisfactorily completed the requested remedial actions.

The order, which was issued on Sunday, involved its KBR Catalytic Olefins Technology catalytic cracking reactor.
 
The directive to halt the work was due to odour emission and surface oil sheen/film discharge. The cause was traced to the reaction of hot water from the TE3 Project poured into the waste water treatment plant containing pygas and pump failure at the waste water treatment plant.

Lotte Chemical Titan had also stated the stop-work order did not have any operational impact because the TE3 project has not started operations.