SCG Chemicals Co Ltd, subsidiary of Siam Cement Group, has entered into an agreement to acquire 30% shareholding in PT Chandra Asri Petrochemical Tbk (TPIA) worth Rp3.76 trillion.
SCG Chemical has committed to buy Chandra Asri from PT Barito Pacific Tbk (BRPT), a parent company that is controlled by Indonesian tycoon Prajogo Pangestu, and Appleton Investments Ltd, a subsidiary of Singapore-based investment company Temasek Holdings.
From the transactions, Barito will grab Rp893.31 billion from the sale of 7.13% stake or 218.52 million shares in Chandra Asri. The takeover agreement has been signed on September 19 2011.
President Director Loeki S. Putra at Barito Pacific said the sale proceed will be used by Barito to strengthen commitment of investment diversification in Barito Group.
"The decision to sell 7.13% stake in Chandra Asri is a strategic for the group," Loeki said today. Post the sale, Barito remains a controlling shareholder in Chandra Asri with 64.87% stake.
The participation of Thai-based SCG will create an opportunity to develop business of Chandra Asri onwards.
Disclosure: No position at the stock mentioned above.
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