Mar 8, 2011

Chandra Asri to hold rights issue

A petrochemical products maker PT Chandra Asri Petrochemical Tbk plans to hold a 15%-20% rights issues in a bid to seize US$400 million cash.
The merger company between PT tri Polyta Indonesia Tbk and PT Chandra Asri stated the proceeds will be used to fund their medium-term expanse and to increase public ownership that currently only around 5%.
Chandra Asri Petrochemical Director, Suryandi, said the intention of the rights issue is to maintain the TPI-coded share liquid at capital market.
“We want to re-float more shares to public holders. We might issue 15%-20% and hope the proceeds can be used to fund our mid-term expanses. We have not set the date,” as he said, yesterday.
As of January, public only manage 5.14% from the total share. The parent company PT Barito Pacific Tbk manages 66.47%, Appleton Investment Ltd manages 22.87% and Marigold Resource Pte Ltd manages 5.52%.

Disclosure: No position at the stock mentioned above.

Print This Article

No comments: