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Tri Polyta to acquire the domestic petrochemical major

September 29/2010

(plastemart) -- Indonesias largest PP maker- PT Tri Polyta Indonesia will acquire petrochemical firm PT Chandra Asri in a share-swap deal worth about US$1.2 bln. Tri Polyta will issue 2.93 bln new shares to Chandra Asri's shareholders in exchange of its US$1.2 bln assets. Deutsche Bank and Singapore's DBS Group are advisors for the deal.

Both the companies are controlled by Indonesian tycoon Prajogo Pangestu through holding company PT Barito Pacific. Barito Pacific owns 77.9 of Tri Polyta and 70% of Chandra Asri. The new combined entity will be Indonesia's biggest listed petrochemical firm, when the deal is completed by January 1 2011. Barito will own 71.6% stake in the new entity.


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