PT Barito Pacific Tbk (BRPT) has sold 7.13% of its stake in Chandra Asri Petrochemical (CAP) to SCG Chemicals Co., Ltd. (SCG), along with Apleton Investment Ltd (a subsidiary of Temasek Holdings) that has released its 22.87% stake in CAP to SCG. After both transactions are completed, SCG will hold a 30% stake in of the largest petrochemical company in Indonesia.
As a strategic partner, BRPT welcomed the possibility of SCG’s expertise with experience and knowledge in the field of petrochemical industry, to be stationed in CAP, if required. BRPT’s decision to release 7.13% shares from the total 72% of its ownership in CAP (directly and indirectly), is a strategic decision. Cash inflow obtained by the company will be used to reinforce commitment to diversify investments in other business units within BRPT.