Indonesia’ petrochemical producer Chandra Asri Petrochemical (TPIA) seeks strategic partner to build a mega project, new polyethylene plant Chandra Asri Perkasa. The project is expected to cost up to US$5 billion.
According to the director, Suryandi, a final investment decision is scheduled for 2022. As a planned, the projects to be built on an area of 200 hectares (ha) in Cilegon, Banten. The second factory which was carried out in stages with target by 2025 will be completed.
To meet the investment needs, the issuer belonging to tycoon, Prajogo Pangestu, have planned to issue a new shares with private placement scheme. The rights issue planned has received and approval from shareholders in February 2020.
