Mainstream
Lotte Chemical needs to be more transparent
Lim Cian Yai | 06 Oct 2017 00:30
Lee had claimed the company did not know the water disruption would have such a big impact
Lotte Chemical Titan Holding Bhd has been hogging the limelight for the wrong reasons. Even before its listing in July, the integrated petrochemical producer drew unwanted attention when it had to reprice its initial public offering (IPO) and slash the IPO size by one-fifth mainly due to tepid investor response.
 
Then in September, the company suffered a fire incident at its plant in Johor. More recently on Oct 1, it received a stop-work order from the Department of Environment for part of its TE3 project at its integrated facility in Pasir Gudang, Johor.

Investors are concerned whether the commissioning of the TE3 project will be affected or delayed. Commercial operation is expected in the fourth quarter.

However, Lotte Chemical has assured that the stop-work order was not expected to have a material effect on its earnings, net assets and gearing for the financial year ending Dec 31.