Lotte Chemical Titan cuts institutional offering by 23.4%

PETALING JAYA: Lotte Chemical Titan Holding Bhd, which is en route for listing on the Main Market of Bursa Malaysia on July 11, has reduced its institutional offering by 160.48 million shares or 23.4%, after taking into account the overall demand through price discovery.

The group told Bursa Malaysia that the institutional offering will now only involve 524.22 million shares, compared with the original number of shares to be offered of 684.7 million.
With the reduction in the size of the institutional offering, Lotte's total number of initial public offering (IPO) shares will also be reduced from 740.48 million to 580 million, representing a reduction of 160.48 million shares or 21.7%.
The group said the closing time and date of the institutional offering is now expected to be 10.00 pm on July 3, with the price determination date to take place on July 4.