Petronas Chemicals on RM2b expansion

Petronas Chemicals Group Bhd has earmarked RM1.9bil for business expansion that includes acquisition plans as a result of its revision in the utilisation of its initial public offering (IPO) proceeds.

According to the company’s filing with Bursa Malaysia yesterday, as the company had sufficient liquidity from its investments, it has decided to reallocate the proceeds initially earmarked for working capital towards the purpose of business expansion and synergistic growth acquisitions for the group.

A total of RM3.64bil was raised from the listing of the company on Nov 26, 2010, of which RM505mil had been utilised up to Sept 30, 2012. The current balance of RM1.2bil from the IPO proceeds will be used for working capital and general corporate purposes.