Petronas Chemicals shares surge up to 10% on Malaysia debut

26 November 2010 03:20  [Source: ICIS news]

SINGAPORE (ICIS)--Petronas Chemicals Group (PCG) debuted on the Malaysian stock exchange with its share price surging by as much as 10% at ringgit (M$) 5.72 ($1.83) from its initial public offering (IPO) price of M$5.20/share, amid strong volumes.

At 10:46 hours Singapore time (02:26 hours GMT), PCG was up 34 sen or 6.5% at M$5.54, and was the most actively traded stock with 351.6m shares exchanging hands, based on data available on Bursa Malaysia.

PCG, which comprises the 22 petrochemical-related businesses of state oil and gas firm Petroliam Nasional Bhd (Petronas), had generated $4.1bn from an IPO of 2.48bn shares, of which 88% or 2.19bn shares were offered to institutional investors and the balance of 293m were taken up by retail investors.

PCG would immediately qualify in the FTSE Bursa Malaysia Kuala Lumpur Composite Index (KLCI), comprising the 30 largest listed companies in terms of market capitalization, by the close of Friday trading.

Bursa Malaysia, in a statement on Monday, said that PCG would be a constituent of the index ahead of the regular semi-annual review of the list in December “as its market capitalisation is significantly large”.

PCG would be added to the KLCI with an investability weighting of 30%, displacing Berjaya Sports Toto in the index, the bourse operator said.

($1 = M$3.13)

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By: Pearl Bantillo
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