Tybalt Investments acquires 83% foreign shareholding in Bataan Polyethylene

20-Jul-05

Bataan Polyethylene Corp. (BPC)'s foreign shareholding, totalling 83% has been acquired by Cayman Islands registered Tybalt Investments Ltd. Tybalt's entry is expected to strengthen the midstream sector of the Philippines' petrochemical industry The foreign shareholders includes BP International Ltd. of the UK's 38.5%, Petronas of Malaysia's 38.5% and Sumitomo Corp. of Japan's 6%. BPC is a US$330 million polyethylene plant with a capacity of 275,000 metric tpa Bataan province, north of Manila. The plant started commercial operation in February 2001.