JAKARTA. PT Chandra Asri Petrochemical Tbk (TPIA) will name a strategic investor which the company will partner for the development of a factory operated by PT Chandra Asri Perkasa (CAP2) as late as early March.
According to TPIA Human Resources & Corporate Affairs Director Suryandi, the company has two prospective investors who will finance CAP2's petrochemical factory and complex. "We have narrowed it down to two [prospective investors], and we will make a further announcement soon," Mr Suryandi told IDNFinancials.com, Wednesday (5/2).
It is not clear whether TPIA will partner a domestic or foreign investor. Mr Suryandi also not willing to confirm that Abu Dhabi-based energy firm Adnoc, will be the investor on CAP2's project. Despite a previous agreement signed by TPIA and Adnoc earlier this year. "[We will announce it] when it's finalized," said Mr Suryandi.
Per information compiled by IDNFinancials.com, the CAP2 project will cost US$5 billion (Rp 68.24 trillion).
To finance the project, TPIA will use proceeds from an upcoming rights issue and collaborate with a strategic investor. "Funds from the strategic investor will be allocated for the CAP2 project," said Mr Suryandi. (KR/MS)