Lotte Chemical under scrutiny of SC, Bursa
Lim Cian Yai | 04 Aug 2017 00:30

The Securities Commission (SC) and Bursa Malaysia are scrutinising developments in recently listed Lotte Chemical Titan Holding Bhd, whose share price plunged after posting a sharp drop in profit, to determine if it had made the necessary timely disclosures.

In a rare joint statement, the regulators said they are “closely monitoring developments in the company”, including reviewing whether appropriate and timely disclosures have been made to enable investors to make informed decisions.

“We will ensure a fair and orderly market and that all securities laws and listing rules are complied with,” SC and Bursa Malaysia said in response to queries from FocusM.

The South Korea-based petrochemical producer’s initial public offering (IPO) was heralded as the most anticipated listing of the year but turned out to be a damp squib instead.

Just when the market was recovering from its IPO price revision, Lotte Chemical shook it on July 31 with a 72% plunge in net profit to RM113.62 mil for Q2 ended June 30. Revenue fell 11.2% year-on-year to RM1.77 bil from RM2 bil.

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