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.

 

Get 30% off with our ads free Premium Plan

Monthly Plan

RM9.73/month

Annual Plan

RM8.63/month

Billed as RM103.60/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Business News

CIMB’s succession planning coming into sharp focus
Quebec pension hit with real estate loss as ‘hostile’ market persists
Strong earnings visibility for Matrix Concepts
TRX takes the spotlight
Japan takes Taiwan’s helping hand in chip ops
TM sets sights on even stronger growth this year
Soul-searching for ringgit solutions
Central Europe shoppers still shell-shocked
UMWT to drive green mobility growth
Sarawak’s new energy play gains more attention

Others Also Read