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.