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『亚马逊云』账号(www.2km.me)_LCT gets nod to award RM6.8bil project to LEC

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(‘亚马逊云账’号)

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LCT president and chief executive officer Park Hyun Chul said the LINE project would serve as the key expansion drive for the company with the aim to solidify its position as a top-tier petrochemical company in South-East Asia upon its completion.

KUALA LUMPUR: Lotte Chemical Titan Holding Bhd (LCT) has obtained its shareholders’ approval to award engineering, procurement and construction works worth US$1.65bil (RM6.8bil) to sister company Lotte Engineering and Construction Co Ltd (LEC).

LEC is 43.8% owned by LCT’s major shareholder, Lotte Chemical Corp of South Korea.

The related-party transaction involved works for the downstream plants and complex facilities of the Lotte Chemical Indonesia New Ethylene (LINE) project, which is a joint venture between LCT (51%-owned) and its South Korean parent (49%).

At the EGM held online yesterday, shareholders holding 98.06% of the voted shares were in favour, the petrochemical firm said in a filing with Bursa Malaysia.

In a statement, LCT president and chief executive officer Park Hyun Chul said the LINE project would serve as the key expansion drive for the company with the aim to solidify its position as a top-tier petrochemical company in South-East Asia upon its completion.He said the project financing would be a 60:40 debt-equity structure arrangement and the company planned to utilise its internal funds for the equity financing on its 51% stake in the venture.

“Our current strong net cash position in excess of RM5bil as at Sept 30 would be sufficient to provide for the equity funding for our portion, amounting to US$806mi (RM3.3bil).

“The company will not need to raise any form of additional equity funding from our shareholders,” he said. — Bernama


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