Oct 21, 2010

Creditors approve Tri Polyta merger

Publicly listed petrochemical products maker PT Tri Polyta Indonesia Tbk (TPIA) has obtained approvals from its creditors, PT Bank Danamon Tbk (BDMN) and PT Bank DBS Indonesia regarding to a proposed merger with sister company PT Chandra Asri.
In a public announcement to Indonesia Stock Exchange (IDX) today, Bank Danamon sent an approval letter dated on October 15 2010 and Bank DBS agreed the proposed merger on October 15 2010.
In line with Tri Polyta, Chandra Asri has also secured approval letters from its creditors DBS Bank Ltd, Singapore, on September 27 2010.
Another creditor PT Bank Central Asia Tbk (BBCA) sent an approval letter dated on October 14 2010.
Regarding to the shares conversion, independent valuer  estimated that the fair market value of Tri Polyta is Rp3,579 per share and Rp152,664.53 per share. Referring to the valuation, the shares conversion ratio for the merger is 1:42,655.63. 

Disclosure: No position at the stock mentioned above.

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