JAKARTA - KASIKORNBANK (Kbank), one of Thailand’s leading bank and a market-leader for Trade Finance has partnered with PT Chandra Asri Petrochemical Tbk (TPIA) to extend and expand a 1.6 Billion Thai Baht (US$50 million-equivalent) trade finance and committed unsecured revolving credit facility.
This is the first ever offshore facility of this type extended by KBank to a customer outside of Thailand, in recognition of the strong credit quality of Chandra Asri, and to support Indonesia’s economic and domestic industrial growth amid the challenges of the COVID-19 pandemic.
"We are pleased to partner with Chandra Asri and provide financing especially during these dynamic times. As Chandra Asri continues to grow, we believe in its continued strong credit quality as the market leader for the petrochemical industry in Indonesia. We are optimistic that this collaboration not only shows KBank’s strong support for our customers over the COVID-19 times, but also demonstrates our commitment to support new growth and expansion as the global economy rebounds and continues its positive growth trajectory in the years ahead” said Jaturachet Niltawat, First Vice President, KASIKORNBANK.
As an information, Chandra Asri is the largest integrated petrochemical producer in Indonesia and operates the country’s only Naphtha cracker that produces Olefins (Ethylene, Propylene), Pygas and Mixed C4, Styrene Monomer plant, Butadiene plant and MTBE/Butene-1 plants. Chandra is also the largest Polyolefins producer (Polyethylene and Polypropylene), which are key raw materials used to produce high value-added durable products used daily in people’s lives. The product applications include masks, personal protective equipment and hygienic packaging for the domestic industry. (LM)