Action to stabilise Lotte Chemical Titan share price continues

PETALING JAYA: Maybank Investment Bank continued to take stabilising action yesterday by acquiring an additional 3.02 million shares in Lotte Chemical Titan Holding Bhd at an average price of RM6.4144 following the massive acquisition of 17.1 million shares on Tuesday, its first day of listing.

The acquisition represented about one third of the stock’s total trading volume of 5.89 million. Lotte Chemical Titan’s share price continued to trade below its listing price of RM6.50, despite rising 10 sen or 1.57% to close at RM6.48 yesterday. The group has a market capitalisation of RM15.99 billion.

Maybank Investment Bank has forked out RM130 million so far for the 20.12 million shares bought under an exercise to stabilise the petrochemical giant’s share price.