Lotte Chemical Titan denies Indonesian petrochemical facility project suspended

PETALING JAYA: Lotte Chemical Titan Holding Bhd has denied that its integrated petrochemical facility in Indonesia (IPF project) has been suspended.
"There has not been any suspension on the IPF project and it is currently at the final stage of the Front End Engineering & Design study. In parallel, the company has been working on the environmental impact assessment and undertaking other activities in relation to the IPF project," Lotte Chemical Titan said in a stock exchange filing today.
South Korean news portals reported that Lotte Chemical's four-trillion won IPF project in Indonesia was suspended due to the absence of group chairman Shin Dong-bin, who is now in prison. It was reported that the project made little progress during the past one and half years due to the group chairman's absence.
Lotte Chemical Titan, however, stressed that the IPF project is being managed and supervised by the company, and major changes to the IPF project, if any, would require prior approval from the board, 50% of which are independent directors, and would be duly announced by the company.
The South Korea-based Lotte Chemical group listed Lotte Chemical Titan on Bursa Malaysia in 2017, with plans to invest more than 80% of the funds raised through the initial public offering in the Indonesian project.
On Bursa Malaysia today, Lotte Chemical Titan closed unchanged at RM5.06 with some 249,600 shares changing hands.