Temasek buys stake in Chandra Asri - media reports

02 February 2006 09:45  [Source: ICIS news]

SINGAPORE (ICIS news)--Temasek Holdings, Singapore’s state-owned investment agency, has reportedly bought a majority stake in Indonesian olefins producer Chandra Asri, according to media reports on Thursday.

Temasek paid $700m (Euro580.9m) for a 50.45% stake in the olefins producer, Indonesian newspaper Investor Daily quoted Chandra Asri's corporate secretary Suhat Miyarso as saying. The transfer of shares was conducted on Friday and Temasek bought the stake from "several shareholders", including trust fund Commerzbank International Trust Singapore (CITS), it added.

Officials from Temasek and Chandra Asri declined to comment.

CITS, a unit of Germany's fourth-biggest lender Commerzbank, bought its 24.59% stake from Japan’s Marubeni Corp in 2005 and took on $581m in debt. The rest of the stake was said to have come from Thailand's Glazer & Putnam Investment, which bought a 25.86% share from the Indonesian Bank Restructuring Agency (Ibra) for $71.6m in 2003 and took on around $71.6m of debt.

Inter Petrindo Inti Citra, part of Indonesian conglomerate Barito Pacific Group, holds the remaining 49.55% stake.

Chandra Asri, Indonesia’s sole cracker operator, operates a 520,000 tonne/year cracker at Merak, West Java.

By: Florence Tan
+65 6780 4359

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