Lotte Chemical, parent to jointly fund RM18b plant in Indonesia

KUALA LUMPUR: Lotte Chemical Titan Holding Bhd (LCT) has secured the green light from shareholders for the proposed divestment of its 49 per cent equity interest in Lotte Chemical Indonesia (LCI), a wholly-owned unit of LCT, to its major shareholder Lotte Chemical Corporation (LCC) for RM3.6 billion.

Following the divestment, both LCT and LCC would jointly fund the integrated petrochemical facility known as the LCI new ethylene project for RM18 billion in Cilegon, Indonesia, president and chief executive officer Dr Lee Dong Woo said.