Lotte Chemical Titan to reduce shareholding in Indonesian unit

摘要

Lotte Chemical Titan Holdings (LCT; Kuala Lumpur, Malaysia) is planning to reduce its equity stake in Lotte Chemical Indonesia (LCI) by selling 49% of the holding in the subsidiary to its parent Lotte Chemical Corp. (LCC; Seoul, South Korea) for $65.4 million. LCT will continue to hold a 51% stake in the Indonesian unit after the sale, LCT said in a regulatory fling on Friday. LCT says the proposed divestment is due to the challenging petrochemical business environment and fnancial performance, which are causing continuous margin compression of LCT’s profts as well as a decrease in cash fows from operations.