KUALA LUMPUR (Sept 13): Lotte Chemical Titan Holding Bhd clarified today that there has not been any suspension on its integrated petrochemical facility in Indonesia (IPF project), because the project is at the final stage of its front-end engineering and design study. 

Lotte Chemical said in a Bursa Malaysia filing today that in parallel, the company has been working on the environmental impact assessment and undertaking other activities in relation to the IPF project. 

"The IPF project is being managed and supervised by the company and major changes to the IPF project, if any, would require prior approval from the board, 50% of which are independent directors, and would be duly announced by the company," the filing added.

The bourse filing was issued to clarify and correct errors, as well as misleading aspects of two news articles, the company said.

"Reference is made to the following news articles: (a) news article entitled “Lotte Chemical suspends W4 tril. Investment in Indonesia” appearing on www.koreatimes.co.kr on 10 September 2018; and (b) news article entitled “Lotte Chemical's 4-Tril. Won Petrochemical Complex Project in Indonesia Halted” appearing on www.businesskorea.co.kr on 11 September 2018.

"The board wishes to clarify that the information contained in the news articles with regards to the company and its IPF project, is incorrect and misleading in several respects. Pursuant to sub-paragraphs 9.09(1) and 9.10(1) of Bursa Malaysia Securities Bhd’s Main Market listing requirements, this announcement is being issued to clarify and correct such errors and misleading aspects of the news articles," Lotte Chemical said. 

According to Lotte Chemical, its board wishes to highlight that the following statements collectively reported in the news articles, are incorrect and misleading:

"(a) The IPF project has been suspended. 

(b) The IPF project has made little progress. 

(c) The IPF project has been halted."