Thai SCC is to acquire a 30% stake in Indonesia's Chandra Asri Petrochemical Tbk (CAP) for 13.5 billion baht (US$442 million) as part of its Southeast Asian expansion drive, as per Reuters. Siam's wholly-owned unit, SCG Chemicals Co Ltd, has signed agreements to acquire 218.52 million CAP shares from PT Barito Pacific Tbk and another 701.34 million CAP shares from Apleton Investments Ltd. CAP, Indonesia's largest petrochemical maker, is one of two Indonesian companies sought by Siam Cement, Thailand's biggest industrial conglomerate. The other is Sulfindo Adiusaha, a chemical producer controlled by Indonesia's Tanojo family. The transaction is expected to be completed this month and Barito will remain the controlling shareholder of CAP.
Another contender is Thailand's PTT group that is keen to acquire a stake in CAP. Singapore state investor Temasek Holdings Pte Ltd has been trying to unload its 23% stake.