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Singapore's Temasek Holdings is considering selling its stake in PT Chandra Asri Petrochemical

August 15/2011

(TodayOnline) -- Temasek Holdings, Singapore's state-owned investment company, is considering selling its stake in Indonesia's PT Chandra Asri Petrochemical, five people with knowledge of the matter said.

Thailand's Siam Cement and PTT Chemical are among companies that have expressed interest in buying Temasek's 22.9 per cent holding, said the people, who declined to be identified because the talks are private. The stake is valued at about 2.2 trillion rupiah (S$313 million) based on Chandra Asri's market capitalisation, data compiled by Bloomberg show.

Chandra Asri Petrochemical was formed this year through the merger of PT Chandra Asri and PT Tri Polyta Indonesia. Temasek owns shares through its Apleton Investment unit and has held a minority stake in Chandra Asri since 2006. Jakarta-based PT Barito Pacific owns 71.9 per cent of the stock.

Shares of Chandra Asri have dropped by 24 per cent in the past two months, cutting its market value to 9.4 trillion rupiah.

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