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Petronas to IPO Petrochemicals Business

7:40 AM MDT | September 7, 2010 | Natasha Alperowicz

State-owned energy firm Petronas (Kuala Lumpur) has filed a draft prospectus with the Malaysian Securities Commission (Kuala Lumpur) for an initial public offering (IPO) of the company's petrochemicals business at a yet-to-be-determined date. The listing of Petronas Chemicals is in response to a call by Malaysian prime minister Najib Razak to reduce state ownership in companies and boost stock market liquidity. Petronas will remain a controlling shareholder in the chemicals company. Petronas says it is the leading integrated petrochemicals producer in Malaysia...

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