PTT Pcl keen to acquire stake in Chandra Asri as part of its foreign expansion drive

29-Aug-11

PTT Pcl, Thailand's top energy firm is eager to acquire a stake in Indonesian petrochemicals producer PT Chandra Asri as part of its foreign expansion drive, as per Reuters. "This should be the starting point for PTT to expand into the petrochemical business in Indonesia," said a source, adding PTT group was not yet in talks with the seller and had not mandated any financial adviser for the moment. Singapore state investor Temasek Holdings is trying to sell its 23% stake in the Indonesian petrochemicals maker in a deal worth US$400 mln. The market had expected PTT Chemical Pcl, a flagship in the petrochemical business of PTT group, to be interested in the stake.