KUALA LUMPUR: Lotte Chemical Titan Holding Bhd (LCT) received minority shareholders’ support to dispose of a 49% stake in Lotte Chemical Indonesia (LCI) to its major shareholder Lotte Chemical Corporation (LCC).
Minority shareholders voted 99.978% in favour of the disposal at the company’s EGM today. The disposal, valued at RM3.6 billion, will see LCC coming on board as a joint venture partner to develop the LCI New Ethylene Project (LINE Project) in Cilegon, Indonesia.
The LINE Project is an RM18 billion integrated petrochemical facility with a capacity of a million tonne per annum naphtha cracker and other related downstream petrochemical facilities.
With the funding received from the disposal, the company will utilise its IPO proceeds, internally generated funds and borrowings to raise the rest of the RM18 billion needed for the project.
Construction of the facility will start in the second half of next year, and is expected to be completed in three years.
source https://www.thesundaily.my/business/lotte-chemical-titan-receives-shareholders-nod-to-sell-49-stake-in-indonesian-unit-AX1440662
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