MOSCOW (MRC) -- Formosa Chemicals & Fibre Corp. (FCFC), a Taiwanese producer of polyvinyl chloride (PVC) resins and other intermediate plastic products, plans to sell about 2% of its stake in Formosa Petrochemical - a maximum of 51.6 million shares of affiliate Formosa Petrochemical Corp. by the end of Q2, 2014, as per Plastemart.
Formosa Plastics, Formosa Chemicals and Nan Ya Plastics are the three largest shareholders in Formosa Petrochemical.
If completed, the share disposals would contribute earnings per share for Formosa Chemicals, Formosa Plastics and Nan Ya Plastics of about NTD0.5, NTD0.47 and NTD0.38 respectively, Yuanta forecast.
As MRC reported previously, back in 2011, Formosa Plastic Corp. (FPC) unveiled its plans to invest in petrochemicals and shale gas exploration through its overseas subsidiary FPC USA, to raise deployment in the US. Mature and commercialization of low-cost shale gas exploration technologies will enable FPC USA to boost production capacity of ethylene and propylene. Investment outlay is estimated at USD400 mln to build a 400,000 tpa ethylene plant.
Formosa Chemicals & Fibre Corporation (FCFC) is a subsidiary of Formosa Plastics Group, the largest private owned enterprise in Taiwan, with annual revenue of USD13.5 billion.
Formosa Plastics Corporation is a Taiwanese company based in Taiwan that primarily produces polyvinyl chloride (PVC) resins and other intermediate plastic products.
MRC