KUALA LUMPUR, July 3 (Reuters) - Malaysia’s Lotte Chemical Titan Holding Sdn Bhd said on Monday it has reduced the number of shares on offer in its initial public offering by a fifth.
The integrated petrochemical producer, part of South Korean conglomerate Lotte Group, will now offer 580 million shares compared to its earlier plan to offer 740.5 million shares, it said in a filing to the national stock exchange. It did not give a reason for the move.
Reuters reported on Friday that Lotte Chemical Titan will relaunch its IPO on Monday at a lower price than initially targeted due to weak investor appetite, citing three sources familiar with the deal. (Reporting by A. Ananthalakshmi; Editing by Muralikumar Anantharaman)