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Shares in Nan Ya Plastics extend falls after Chiayi plant fire

October 05/2010

SINGAPORE (ICIS) -- Ya Plastics, a part of petrochemical giant Formosa group of companies, took a heavy beating in the equities market for the second day on Tuesday following the fire on 3 October at its synthetic paper plant in Taiwan"s Chiayi county.


The latest fire, which occurred while the two successive fires in July at Formosa"s Mailiao petrochemical facility were still fresh in investors" minds, has raised questions about the group"s safety standards, said Jack Shieh, executive manager at the Petrochemical Industry Association of Taiwan (PIAT).


While Nan Ya admitted it would not be able to operate the damaged 48,000 tonne/year plant for at least a year, its impact on earnings was expected to be minimal, according to an analyst at an international brokerage firm. The company itself pegged its monthly income loss at New Taiwan dollars (NT$) 150m.


The restart of some plants at Mailiao that were shut during the 26 July fire risked being delayed further after the latest fire, according to Shieh. 


Shares in Nan Ya Plastics extend falls after Chiayi plant fire













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