Lotte Chemical mulls strategic moves for Lotte Titan

LCC, South Korea’s number two petrochemicals company, has a 74.72% stake in LCT.

KUALA LUMPUR: Lotte Chemical Titan Holding Bhd (LCT) has clarified that after a thorough inquiry, Lotte Chemical Corp (LCC) is currently weighing various strategic measures related to the company.

LCC, South Korea’s number two petrochemicals company, has a 74.72% stake in LCT. LCT is one of LCC’s largest overseas subsidiaries.

“We wish to clarify that after making due enquiry, we understand that LCC is considering various strategic measures related to the company without making any decision thus far,” LCT said in a filing with Bursa Malaysia.

LCT was responding to the article titled “Lotte puts Lotte Chemical Titan in Malaysia on market” published by The Korea Economic Daily on March 6.

According to the report, LCC is searching for a buyer of LCT and tapping domestic and foreign companies, as well as global private equity firms via investment banks, sources told Market Insight.

LCT closed down three sen, or 2.59% to RM1.13. In the past one month, the counter has fallen 5%.