May 9, 2011

Chandra Asri to announce rights issue

Indonesia's largest petrochemical center PT Chandra Asri Petrochemical Tbk (TPIA), which is owned by Indonesian tycoon Prajogo Pangestu, confirms that the company plans to announce the rights issue this week in a bid to raise over Rp1 trillion.
The proceed will be used by Chandra Asri, which obtained an effective statement of merger with PT Tri Polyta Indonesia Tbk on January 1 2011, to finance a medium-term expansion and make its shares more liquid. Please read the remaining stories here. 

Disclosure: No position at the stock mentioned above.

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