26 November 2010 11:41 [Source: ICIS news]
(adds PCG closing price, with recasts throughout)
SINGAPORE (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 ?xml:namespace>
The company’s $4.1bn (€3.1bn) IPO was the largest to come out of
In its IPO, 2.19bn shares were offered to institutional investors and 293m shares were allocated to retail investors.
Based on production volumes, the company is the largest methanol and ethylene glycols maker in southeast Asia, according to the website.
PCG immediately qualifies as one of the 30 big-capital stocks that comprise the FTSE Bursa Malaysia KLCI.
PCG would be added to the KLCI with an investability weighting of 30%, dislodging Berjaya Sports Toto from the index, the bourse operator said.
PCG recorded a M$814m net profit in the four months to July 2010, with revenues at M$4.22bn, according to its prospectus.
($1 = €0.75, $1 = M$3.13)
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