13 Aug – Lotte Chemical Titan to sell 49% stake in PT Lotte Chemical Indonesia
According to local media sources, Lotte Chemical Titan Holdings plans to sell a 49% stake in the subsidiary, PT Lotte Chemical Indonesia to its parent company Lotte Chemical Corp. for $65.4 million (RM273.49 million). LCT will still hold a 51% stake in the Indonesian unit after the sale.
The challenging petrochemical business environment and financial performance, which weighed down on LCT’s profits and reduced cash flows from its operations, were cited as the reasons behind the decision, according to a filing to Bursa Malaysia.
The planned divestment is expected to be implemented by the first quarter of 2020, meanwhile.