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Petronas Chemicals shares close off highs on Malaysia debut

November 29/2010

(ICIS) -- Petronas Chemicals Group (PCG) shares closed 2.1% higher on its trading debut on Friday, but off highs, as Malaysian shares succumbed to profit-taking. PCG surged by as much as 10% during the session but eventually settled at ringgit (M$) 5.31, up 11 sen, at the end of trading. The price change was based on the initial public offering (IPO) price of M$5.20 set for institutional investors.


Meanwhile, the benchmark FTSE Bursa Malaysia Kuala Lumpur Composite Index (KLCI) eased 4.44 points, or 0.30%, to close at 1,492.05. PCG was the most actively traded stock on Bursa Malaysia, with 637m shares changing hands, indicating investors strong appetite for Asian big-capital stocks.


The companys $4.1bn (?3.1bn) IPO was the largest to come out of Malaysia and out of southeast Asia to date, beating the $3.3bn offering of telecommunications firm Maxis, according to media reports.


The group comprises the 22 petrochemical-related businesses of state oil and gas firm Petroliam Nasional Bhd (Petronas). Its operations cover olefins, polymers, fertilizers, methanol and other basic chemical and derivative products. Based on production volumes, the company is the largest methanol and ethylene glycols maker in southeast Asia.


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