MALAYSIA: Petronas Chemicals on RM2 billion expansion

According to the company's filing with Bursa Malaysia 25 Feb. 2013, 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 RM3.64 billion was raised from the listing of the company on 26 Nov. 2010, of which RM505 million had been utilised up to 30 Sept. 2012. The current balance of RM1.2 billion from the IPO proceeds will be used for working capital and general corporate purposes.

Source: Daily "The Star", Kuala Lumpur; 26 Feb 2013

(Syed Rashid Ali, Karachi, Pakistan)