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Siam Cement confirmed its interest in buying stakes in two petrochemical companies in Indonesia

September 07/2011

(Reuters) -- Thailand's top industrial conglomerate, Siam Cement Pcl , confirmed on Tuesday it was interested in buying stakes in two petrochemical companies in Indonesia worth a combined estimated USD 1.1 billion. "We are interested in both petrochemical firms in Indonesia...details of the deals cannot be disclosed at this point because they are quite big deals," Chief Executive Kan Trakulhoon told reporters.

Indonesian chemical producer Sulfindo Adiusaha is up for sale with an estimated price tag of USD 700 million and may draw interest from Siam Cement and South Korea's Hanwha Chemical Corp when first-round bids are due in late August, sources with knowledge of the deal said recently.

Separately, Singapore state investor Temasek Holdings is trying to sell its 23 percent stake in Indonesian petrochemicals maker Chandra Asri in a deal worth an estimated USD 400 million, two sources with direct knowledge of the deal told Reuters recently.

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