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.
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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.
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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