Petrochemical producer Chandra Asri (TPIA) considers releasing as many as 7.17 billion shares this year to finance its business expansion. At the current price Rp9,500 a share, Chandra Asri could reap Rp68 trillion (US$4.86 billion). The Company would use the funds to construct a new petrochemical complex owned by its unit, PT Chandra Asri Perkasa, in Cilegon, West Java. The new project is estimating need investments of Rp80 trillion (US$5 billion). Besides the rights issue, Chandra Asri also seeks a strategic investor to fund the project.
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