20 September 2011 02:53 [Source: ICIS news]
SINGAPORE (ICIS)--Thailand’s SCG Chemicals has entered into an agreement with Barito Pacific and Apleton Investments for a 30% stake in Indonesian producer Chandra Asri Petrochemical (CAP) worth around baht (Bt) 13.5bn ($441m), the company said in a stock exchange filing on Tuesday.
SCG Chemicals entered into separate share purchase agreements on 19 September to acquire 218.5m shares from Barito Pacific and 701.3m shares from Apleton Investments in Chandra Asri, the filing on the Stock Exchange of Thailand said.
“Following the completion of this transaction within the month of September 2011, or thereafter when the investment is completed, SCG Chemicals will hold a 30% stake in CAP, while Barito will remain the controlling shareholder of Chandra Asri,” it said.
“This investment represents a unique opportunity for SCG Chemicals to invest in Indonesia’s leading petrochemicals franchise, with highly attractive market growth dynamics,” it added.
The firm’s production facilities are located in Cilegon, a major coastal industrial city in the province of Banten in west Java.
($1 = Bt 30.64)
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