Company Overview and News
In a related development, the Employees Provident Fund (EPF) sold 25 million shares of its holdings in Petronas Chemicals on Nov 3. (5-0)
KUALA LUMPUR: Petronas Chemicals Group Bhd reported an improved set of financial results in the third quarter ended Sept 30, 2017, underpinned by the fertilisers and methanol segment. It announced on Thursday its earnings rose 2.4% to RM913mil from RM891mil a year ago. Earnings per share were flat at 11 sen. Revenue rose at a stronger pace of 12.6% to RM4.01bil from RM3.56bil primarily driven by higher prices and strengthening US dollar as well as higher sales volumes. (1-0)
Saudi King Salman bin Abdulaziz Al Saud visited Moscow last Wednesday, the first such visit by a Saudi monarch since the Soviet Union collapsed. (5-0)
MarketWatch: The three major US stock indexes and the Russell 2000 posted record high closes for the second straight day on Tuesday, helped by gains in airlines and as carmakers rose after strong September vehicle sales. The DJIA rose 84.07 points, or 0.37%, to close at 22,641.67, the S&P 500 gained 5.46 points, or 0.22%, to 2,534.58 and the Nasdaq added 15.00 points, or 0.23%, to 6,531.71. - Reuters (106-1)
However, it has lowered PetChem’s earnings forecast for 2019 by 4%, as the potential returns from the commencement of the Pengerang petrochemical operation at the Refinery and Petrochemical Integrated Development project would be cut by half with the entry of Saudi Aramco. (1-1)
MarketWatch: US stocks started the fourth quarter on a strong note on Monday, with all three major indexes hitting record high closes as data pointed to underlying strength in the economy. The DJIA rose 152.51 points, or 0.68%, to 22,557.6, the S&P 500 gained 9.76 points, or 0.39%, to 2,529.12 and the Nasdaq added 20.76 points, or 0.32%, to 6,516.72. - Reuters (34-1)
Slightly up: An investor watching PetChem shares on the monitor. Petchem shares closed one sen higher yesterday. - AFP (1-0)
KUALA LUMPUR, Oct 2 (Reuters) - Malaysia's Petronas Chemicals Group Bhd (PCG) said on Monday it plans to sell 50 percent of a polymers unit to Saudi Aramco's wholly owned subsidiary, Aramco Overseas Holdings Coöperatief U.A. for $900 million. (1-0)
Oct 2 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Monday: (86-2)
Oct 2 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 0930 GMT on Monday: (51-1)
Reliance Communications Ltd (RCom) has called off the merger of its wireless services business with Aircel Ltd, citing regulatory delays and opposition from some creditors, in a development that will further impede its efforts to pare its huge debt, reports Mint. RCom’s lenders had invoked strategic debt restructuring (SDR) for the telecom company in June. Read more (74-1)
JP Morgan expects PetChem to benefit from high methanol and urea prices, currently trading at six-month highs. PetChem has a 2.6-million-tonne capacity for urea and 2.4 million tonnes for methanol. The company’s shares closed at RM7.30 last Thursday. (5-0)
Uptrend: PetChem’s Q2 revenue quarter rose by 23.64% year-on-year to RM3.96bil on the back of a higher sales volume, higher prices and a stronger US dollar.
The Singapore Exchange sign outside its building in Singapore in this April 19, 2011 file photo. — Reuters picSINGAPORE, July 14 — Singapore shares closed at their highest level in nearly two years today, propped by warehouse operator Global Logistic Properties and as investors heaved a sigh of relief after quarterly economic growth data showed the city-state narrowly dodged a recession.
President and Head of Lotte Chemical BU Huh Soo Young point to the Bursa board at a listing ceremony of the company at Bursa Malaysia on July 11,2017. Looking on are President and CEO of Lotte Chemical Titan Holding Berhad Dr Lee Dong Woo and Chairman Lotte Chemical Titan Holdings Berhad Tan Sri Abdul Rahman Mamat.
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