JAKARTA – PT Chandra Asri Petrochemical Tbk (TPIA), Indonesia’s largest integrated petrochemical company is offering approximately 279 million new shares. The company has obtained the effective statement letter from the Financial Service Authority (OJK) in connection with Limited Public Offering II for additional capital with Pre-emptive Rights.
Chandra Asri offers 289,741,494 new shares with par value of Rp 1,000 per share. Every holder of 47 shares is entitled to 4 rights. Every 1 rights reserves the right to purchase 1 new share with an Exercise price of Rp 18,000.
From this rights issue, Chandra Asri can absorb up to Rp 5 trillion. According to Deutsche Bank AG, Hong Kong branch, the Sole Global Coordinator, “This transaction is the largest in Indonesia throughout 2017 YTD. In addition, it also became the largest public offering of petrochemical sector in Indonesia until 2017 YTD”.
In this corporate action, the shareholder, PT Barito Pacific Tbk (BRPT), Marigold Resources Pte. Ltd., and Prajogo Pangestu will not exercise its rights. While SCG Chemicals Co., Ltd intends to exercise all of its rights. As for the standby buyer is PT Mandiri Sekuritas. (LM)