PT Chandra Asri Petrochemical Tbk, Indonesia’s largest integrated petrochemical company, has successfully completed its Pre-Emptive Rights issue, the Limited Public Offering III. All new shares were fully subscribed and the Company has successfully raised additional capital of 1.1 Bn, to close one of the largest rights issue ever done in the Indonesian Stock Exchange to date.
In July 2021, Chandra Asri had announced the selection of Thaioil, Thailand’s largest refinery and supplier of petroleum products, as its chosen partners to support the development of Chandra Asri’s second petrochemical complex (CAP2), after a robust and comprehensive strategic invest selection process. The net proceeds raised will be used for the development and construction of Chandra Asri’s second world-scale integrated petrochemical complex by its subsidiary, PT Chandra Asri Perkasa which compromise, among others, of a cracker unit, polymerized olefins and related facilities and utilities. This is in the line with the Chandra Asri’s strategy to expand its production capacity and business scale to serve the needs of the Indonesian market.
