Siam cement acquires 30% of Chandra Asri.
Siam Cement Public Company Ltd through its subsidiary SCC Chemical Company Ltd has signed an agreement to acquire 30% of PT Chandra Asri Petrochemical Tbk at a price of Rp 3.76 trillion, The Thai company has signed a commitment to acquire 919.86 million shares of Chandra Asri Pertrochemical with a subsidiary Temasek Holdings, Apleton Investments Ltd, and the majority shareholder of Chandra Asri, PT Barito Pacific Tbk. Apleton agreed to divest its entire stake of 22.87% in Chandra Asri, Barito to divest 7.13% stake Prajogo Pangestu, the owner of Barito will earn Rp893.31 billion in fresh fund. President Director of Chandra Asri Erwin Ciputra said the involvement of SCG in Chandra Asri is expected to speed up process of the company's expansion plan to increase its annual production capacity to 1 million tons of petrochemiacsl from 600,000 tons at present. SCC said it also plans to acquire the entire shares of PT Sulfindo Adiusaha, also a chemical company, controlled by Tanojo family.
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|Title Annotation:||CORPORATE NEWS IN BRIEF|
|Publication:||Indonesian Commercial Newsletter|
|Date:||Sep 1, 2011|
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