JAKARTA. PT Chandra Asri Petrochemical Tbk (TPIA) will hold an extraordinary general meeting of shareholders (EGM) on February 5, 2020 to seek shareholders' approval to launch a rights issue with a maximum of 7.17 billion shares.
According to a stock exchange filing published on Thursday (16/1), the EGM will discuss two issues, namely the company's plan to increase its capital through a rights issue and a planned revision of its articles of association related to the corporate action.
In the corporate action, Chandra Asri will issue as many as 7.17 billion shares with a nominal value of Rp 200 per share.
"All of the proceeds will be used to finance the construction and operation of a new petrochemical complex owned by the company's subsidiary PT Chandra Asri Perkasa (CAP)," wrote the filing.
The CAP2 project requires US$ 5 billion (Rp 69.91 trillion) in investment, and Chandra Asri is currently in the final stage of selecting strategic investors to fund the project. (AM/MS)