JAKARTA – PT Chandra Asri Petrochemical Tbk (TPIA) pairs up with Thai Oil Public Company Limited (Thaioil) to establish Chandra Asri Petrochemical (CAP) 2 factory. The Thailand-based oil refinery company would become the new partner in TPIA’s rights issue, whose arrangement still awaits approval from the Financial Services Authority (OJK).
Suryandi, Director of Chandra Asri Petrochemical, reveals that the company has ended the process of selection for the strategic investor and has recently signed a definitive agreement with Thaioil yesterday (29/7). “Thaioil would obtain 15% of TPIA’s shares, investing approximately USD 1.3 billion after the rights issue. Meanwhile, Siam Cement Group (SCG) maintains its portion of 30.57%,” Suryandi further explains in a press release, quoted Friday (30/7).
According to Suryandi, this plan still requires a green light from the regulator and OJK, estimated to be received on September 30, 2021. It also needs to wait for the Final Investment Decision (FID) in 2022, which allows Thaioil and SCG to invest up to USD 0.4 billion.
It is further mentioned that this deal is an excellent achievement regarding the objective of building the CAP 2 factory, which is projected to meet the demands in the domestic market. (LK/ZH)